Dovish comments from Constancio in Berlin:
- Declines in oil prices, the combination of low inflation and low growth essentially point to a lack of demand holding back the recovery
- The asset purchase programmes will keep our balance sheet expanding until we see a sustained adjustment in the path of inflation
- ECB is closely monitoring developments and stands ready to act with all available instruments to deliver on its mandate
- Monetary policy needs to be accompanied by additional policy, with a differentiated set of instruments , in order to ensure financial stability
- We are still far away from a situation of excessive credit growth and price misalignments
Translation: We're printing, you deal with the consequences.
