Opening statement from Mario Draghi following June 2015 governing council meeting

  • QE set to run until Sep 2016 or until ECB sees sustained inflation path adjustment towards target
  • Asset purchase program proceeding well
  • ECB will concentrate on trends in inflation
  • Effects of ECB measures are working through the economy
  • Full implementation on mon pol measures will provide necessary support to EZ economy
  • Low oil price to support real disposable income
  • Growth forecasts kept unchanged 1.5% 2015, 1.9% 2016, Cut for 2017 to 2.0% vs 2.1%
  • Inflation expected to pick up further in 2015/16
  • Inflation forecast raised for 2015 to 0.3% vs 0.0% prior, 2016 unch 1.5%, 2017 unch 1.8%
  • Inflation to remain low in coming months
  • ECB will closely monitor inflation risk
  • Outlook relies on full implementation of policy measures
  • Loan dynamics have improved but remain subdued
  • ECB must maintain a steady monetary policy course
  • Reforms must gain momentum in several countries
  • Some member states must accelerate labour market refoms