ECB ready to respond to unwarranted tightening of monetary policy

Given the many questions about Greece, statements about monetary policy took a back seat. The ECB President confirmed the need to maintain a "steady monetary policy course" and ensure "full implementation" of all monetary policy measures. The latter is a further rejection of any speculation over an early end to QE.

However, unlike the last press conference, in his introductory statement Draghi emphasised that the ECB would respond to "unwarranted tightening of monetary policy" or a "material" change in the outlook for price stability with further measures. 

"Our forecasts of core inflation and growth in 2016 are well below the ECB's expectations, we believe it is likely the ECB will continue with the purchases beyond September 2016, or even increase the purchase volume before then," says Commerzbank.