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| Printer Mario Draghi (Photo credit: Ondrej Kloucek) |
The ECB’s monetary policy statement is due at 12.45. Mr Draghi’s press conference begins 45 minutes later.
All times are UK time.
14.30 There will be “full disclosure” under the ECB’s revamped bond buying progamme, Mr Draghi said. Does that mean it will say how much of each countries bonds it has bought?
14.28 Mr Draghi explains what he meant by his statement that the euro had to be “irreversible”. “It says ‘it is pointless to bet against the euro’.”.
14.24 Here’s a good summary of the press conference so far for the Twitterati…
14.22 The decision to focus bond buying on the shorter end of the yield curve was taken in order to remain consistent with “classical monetary policy,” Mr Draghi said. That was in response to a question about whether targeting longer term rates might have been of more help for the real economy.
14.20 Mr Draghi is keen to stress the sequencing: activation of the EFSF/ESB bond buying instruments is a “necessary condition” for an ECB response, he argued. Actions by governments are “as essential” as ECB action to restore its monetary policy transmission mechanism.
14.19 Julian Callow, European economist at Barclays, writes in a note: ... Continue to read.
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