Highlights of the Draghi question and answer session:
- Give our policies time, they work
- March policies avoided second-round effects
- Inflation would be lower without our actions
The comments about giving them time are a signal that Draghi doesn't plan to act further, especially with markets in a much better mood.
- Growth is moderate, but it's steady
- We need to be careful about not losing focus on inflation objective
- Inflation remains very low, will possibly be negative in coming months
- Global uncertainty was highlighted at IMF meetings in Washington
- We're now focused on monetary policy implementation
- Our mon pol will continue to diverge from other jurisdictions
- If there were a tightening of financial conditions, the gov council remains ready to act
Negative rates:
- Sees no signs that negative rates have hurt banks' net interest income
- Experience of negative rates has been broadly positive
- Real rates are higher for savers than 20 years ago
More:
- We are going to have low inflation for a long time
- We have to be patient
