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ECB press conference – here in LIVE ticker



The ECB announced its decision at 13:45. Now follows the press conference. Here we report in the form of a LIVE ticker about all important statements by Mario Draghi. The basic direction is clear. There are no falling interest rates today, but the ECB is actually preparing to take action. Let's go into the details.

14:33

Mario Draghi enters the press room. He starts reciting his speech.

14:37

Other statements that were not in the text at. 1:45 now follows.

Trade war, global economic slowdown dampens inflation. The inflation outlook is falling. Further stimulus of monetary policy seems appropriate.

14:40

There are positive aspects (labor market, etc.), but negative dominate (trade war etc) …

Headline inflation will decline over the next few months

Inflation indicators have fallen.

1

4:43

Inflation should increase as a result of our actions and increases.

TLTRO will help secure favorable credit terms.

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14:45

Structural reforms in the euro area should be intensified, among other things …

Now the question begins and answer the session with the journalists!

14:47

The economic outlook is getting worse and worse, especially in countries with a lot of production.

14:56

The inflation target "2 or near 2%" is no longer reflected in decision text. Draghi: The goal has not changed, but it was discussed in the Governing Council. There were different opinions.

Draghi: We don't like what we see in inflation right now! We do not permanently accept low inflation levels!

14:59

"Very important, we do not like what we see."

You see good signs in the economy, but then also weak signs.

19659002] 15:03

How do the measures (relief) look? "You have to wait and see what the ordered working groups will present, according to Draghi.

There were no internal discussions on possible levels of interest rate cuts or bond purchases. [19659002] According to Draghi, the risk is very low! The labor market is even better now: good wage development, good consumption, good services, even construction is going well

15: Klockan 12

Question: If four years QE with trillion euros does not work, how can additional measures help then? Draghi: Inflation has increased with the ECB's actions since 2014. The euro area economy has also been massively rejoicing (mutatis mutandis summarized by us). Reducing inflation will take longer than initially thought. [19659002] Christine Lagarde will do outstanding work.

15:19

The ECB's relevant working groups have a broad mandate and will propose what to do (1965) So interest rate cuts not so fast?)

15:25

Theme Vågen: We didn't talk about it, but in G7 we would talk about it. There is concern about cyber security, money laundering, terrorist financing, etc. Anonymity and data security are also a matter, as well as financial stability. How Libra changes everything that needs to be clarified.

15:28

Working groups within the ECB may also propose new measures, if any (ETF purchases?).

15:30

Currency manipulation (Trump Allegation)? Draghi: People didn't talk about it at the ECB. The ECB has a mandate regarding price stability, not to affect exchange rates.

We do not like the current inflation and prospects and we are ready to act.

15:35 PM: PK ended.

Conclusion The probability of easing the ECB in September is quite high. The foreign exchange market and stock markets are currently disappointed that no precise measures have been announced and if they will actually take place in September. Mario Draghi referred to ECB working groups who were audited. They should propose actions and have a broad mandate. So: ETF purchases, stock purchases? More buy from corporate bonds? Deposit rates fall sharply lower? What do we already know? Well, for the time being, the market is a little disappointed that nothing has happened yet, and that you do not yet know what will happen in September.


Graphics: DonkeyHotey – Planet of the Euros – Cartoon CC BY 2.0


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