Nothing potentially market moving from the ECB President so far at his speech in Milan:

  • Decisive rise in investment is essential to bring inflation closer to where we want it, to stimulate economy, to lower joblessness
  • Only if structural, fiscal and monetary policies go hand in hand will the euro area see investment return
  • May be useful to discuss overall fiscal stance of euro area with a view to raising public investment where there is fiscal space
  • Full text of the speech

Update:

  • Draghi says ECB ready to take further action
  • Senior ABS has proven to be high quality
  • Govts should consider consider guarantees for lending SMEs

Draghi’s comments about further action are repeats so there’s nothing really new here, just another central banker lamenting the business investment.