Draghi taking questions in the press conference
ECB hasn't discussed reinvestment strategy, haven't even discussed when to discuss it
1.7% inflation is consistent with our mandate
Capital key will remain guiding principle in reinvestment
Spillovers from Turkey and Argentina have not been substantial
Protectionism is a major source of uncertainty
We haven't changed the balance of risks about growth
Fiscal policy is an upside risk that balances trade and protectionism but we're observing upside strength in broader economy
Words from Italian politicians have changed many times in recent months, waiting for facts
Words have created some damage for Italy but there haven't been spillovers
A significant deleveraging has taken place, private debt has gone down
Broadly balanced assessment on economy was unanimous, of course there were nuances
Weaker demand for EMs can be explained by weaker currencies there but in the aggregate EM changes don't show significant changes
We expect lower oil prices but significantly stronger core inflation
By and large we see a pickup in nominal wage growth everywhere
Lower growth doesn't always translate into lower inflation
There were worries Draghi would use lower forecasts and emerging market risks to push back rate hike timelines but that hasn't happened. As a result the euro is higher. At the same time, the US has had a broad swoon because of weak CPI data.
