- QE to be carried out until Sep 2016
- Will continue to buy ABS and covered purchases
- Buying will continue until sustained change in inflation path is seen
- Will release details of purchases after each meeting
- Sees more favourable developments in economy
- Measures will contribute to substantial return of inflation to target
- Latest econ data point to further improvements in activity at start of year, sees recovery broadening and firming
- EU area likely to be dampened by adjustments in some sectors and slow implementation of structural reforms
- Downside risks to economy have diminished
- Inflation likely to be very low or negative in months ahead, will increase gradually later in 2015
- ECB staff lowers 2015 and raises 2016 inflation forecasts. 0.0% 2015 vs +0.7% prior, 1.5% vs 1.3% prior 2016, 1.8% 2017
- Lower inflation due to falling oil prices
- Lending remains weak, stimulus should improve credit flows
- Cyclical recovery is no grounds for complacency
- Crucial structural reforms are implemented swiftly
- Fiscal policy should support recovery
On to the Q&A
