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Mario Draghi has certainly reasserted his leadership and made some seriously dovish statements, vowing to do more.  Here are more comments following the live coverage and a chart.

EUR/USD fell below support at 1.2440 and continued  below 1.24.

From Draghi’s press  conference:

  • Monetary policies are going in different directions.
  • We know the risks are to the downside, and everybody knows that.
  • 2012 balance sheet levels  refers to post LTRO levels of March 2012.
  • It’s part of normal diversity to disagree.
  • No North-South divide.
  • Minutes will keep ECB independence
  • Governing Council signed off the introductory statement unanimously.
  • Dinner went better than expected.
  • Plenty of people have always been involved in preparation of measures.
  • Buying is being outsourced but also using central banks.
  • Confident that the measures will have an impact on the medium term expectations due to various reasons.
  • Eligible universe is 1 trillion euros.
  • Will see more issuance of corporate bonds and ABS.
  • Tasked staff and committees to prepare further measures if needed
  • ECB takes minimal credit risk with ABS, and conservative.
  • Press conference ends with EUR/USD off the lows at 1.2420, but still under resistance at 1.2440.


Draghi drags euro down November 6 2014 more stimulus euro dollar multi year low