Apart from Greece, the ECB meeting was concerned primarily with the QE programme. As expected, Draghi confirmed that the bank would implement the purchase programme in full.
If economic growth proved disappointing or financing conditions worsened, he said, the programme could also be extended. Commerzbank still feels that if in doubt, the bank will go on buying bonds beyond September 2016, as the new growth projections are ambitious for 2016.
The bar is high, and disappointments can after all be expected in relation to the ECB's ambitious growth forecasts. This is probably also true of core inflation, which the ECB predicts as already at 1.4% on average next year, (Commerzbank: 0.9%).
