Draghi Says Stock of ECB's QE Holdings Has Become More Important

Draghi Says Recalibration of QE Reflects Confidence

ECB’s guidance on reinvestment is not related to rates, President Mario Draghi says in a press conference in Frankfurt on Thursday.

  • The sequence stays where it is, Draghi says
    • Reiterates that interest rates are expected to remain at their present levels for an extended period of time and well past horizon of QE
  • Reinvestment an important part of QE policy, will be carried out in a flexible way
    • Says QE design is flexible enough to cope with any limits, ECB didn’t discuss QE parameters, limits today
  • Reinvestment is “sizeable,” Vice President Constancio says, restoring QE stock is producing market effect

— With assistance by Lucy Meakin, and Catherine Bosley

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