Draghi’s final ECB opening statement:Highlights
ECB is providing substantial monetary policy support
Services and construction show ongoing resilience but some moderation
Risks to the economic outlook remain on the downside
Headline inflation likely to decline further
Underlying inflation to pick up over medium term
Incoming data point to moderate but positive growth in H2
Weak growth delays pass-through to inflation
Ample degree of monetary policy is still necessary
Fiscal stance is ‘mildly expansionary’ and providing some support
Governments with fiscal space should act in a timely manner