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03.12.2015 14:50

European Central Bank President Mario Draghi: the asset-buying programme will be extended until the end of March 2017

The European Central Bank (ECB) President Mario Draghi on Thursday said at a press conference after the release of the central bank's interest rate decision:

  • The asset-buying programme will be extended until the end of March 2017. Earlier, the asset buying programme was intended to run until September 2016;
  • The volume of the monthly purchases remained unchanged;
  • The ECB will buy not only euro-denominated regional and local debt in its purchases but it will also reinvest principal payments on the securities;
  • There are continued downside risks to the inflation outlook;
  • New measures should support significant positive effects on financing conditions, credit and the real economy from the previous measures;
  • The central bank could add further stimulus measures if needed: "The Governing Council will closely monitor the evolution in the outlook for price stability and, if warranted, is willing and able to act by using all the instruments available within its mandate in order to maintain an appropriate degree of monetary accommodation";
  • The Eurozone's recovery is expected to continue, but there are downside risks from the slowdown in emerging economies;
  • Geopolitical risks increased;
  • The economic recovery should be supported by structural reforms and fiscal policies.

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