Three things we learned from the ECB press conference

Highlights from Draghi's press conference

1) The ECB raised emergency lending to Greek banks by €900m.

The program is nearly €90b so the value is not significant but it's a strong signal that the ECB is in Greece's corner... at least for now. This comment gave a lift to European stocks.

2) The ECB has entered the fight over Greek debt relief.

Draghi said there is no disagreement that Greece needs a haricut. Of course, that's not true. The Schaeuble-led contingent is fighting it. Draghi and Schaeuble reportedly had a row at Eurogroup meetings last week with the German finance minister barking at him "I'm not stupid, you know!"

3) The economy is performing as the ECB expected

This comment came in the ECB opening statement and gave a slight lift to the euro (that was later erased). He added that the downside risks to the outlook have been contained and that analysis confirms steady monetary policy. It's a signal that the ECB is in neutral mode and will continue to print €60B/month.