Draghi: “Patience is needed” – Goldman Sachs

Dirk Schumacher, Research Analyst at Goldman Sachs, notes that as widely expected, the ECB left policy rates unchanged at its April meeting. Key Quotes “No new non-standard measures were announced. The overall tone of the press conference was neutral. Mr. Draghi stressed that “patience” was needed with respect to the inflation developments and that the ECB’s focus was now on implementation of the measures announced previously. At the same time, the ECB continues to see external risks to the macroeconomic outlook and “stands ready” to counter any of these risks with “all instruments” should they materialise. The ECB also published further details of its new Corporate Sector Purchase Programme (CSPP), which will commence in June.”