A spokesman from the ECB who is speaking for Draghi and repeating his comments to EU leaders in Brussels:
- Draghi did not speak of deflation
- Draghi says EU budget rules must be credibly upheld as policy anchor
- Countries with fiscal space should consider stimulating demand
- Would be worried if prolonged low inflation led to second round effects in wage and price setting
- Eurozone recovery has lost momentum
- Inflation to remain low in the near term
There’s nothing here that we haven’t heard before.