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Draghi spoke before the European Parliament Committee on Economic and Monetary Affairs

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Main points:

  • EM, euro and oil are risks
  • Macroeconomic outlook is challenging
  • Inflation close to zero
  • Forecasts show slower increase in inflation
  • ECB won’t hesitate to act if needed

A dovish speech from Draghi as usual.

  • QE has sufficient “in-built flexibility”
  • ECB can alter size, composition and duration of the QE
  • No financial stability risk at this time
  • Euro area must boost scope fro cross-border private risk sharing
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