Opening remarks from ECB's Mario Draghi 19 January 2017
ECB will look through HGICP if it deems it transient
- Underlying inflation pressure are subdued
There's the "we'll ignore inflation" comment. EURUSD slips to 1.0622
Borrowing costs have benefitted from ECB decisions
ECB will continue to preserve a very substantial degree of accommodation
Will use all instruments in mandate if necessary
Data points to somewhat stronger growth in Q4
Global recovery somewhat stronger
EZ growth dampened by sluggish structural reforms
Outlook risks tilted to the downside
Downside risks relate to global factors
There are no convincing signs of an upward trend in inflation
Underlying inflation expected to rise more gradually over medium-term
The constant remarks on brushing the recent rise in inflation is hurting the euro.
Structural reforms need to be stepped up substantially
Reforms are needed in all EZ countries
Fiscal policies should also support the recovery but stay within rules
"What inflation?"
