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Mario Draghi, today, stuck very much the same script as he'd used in the early June meeting of the governing council, saying that the governing council stood ready to increase asset purchases if needed-- if inflation seems to be no longer moving back towards their target. His comments today were interpreted as being slightly more dovish than some of the statements he made at the end of June in Sintra. But those comments, Mario Draghi had said, have been misinterpreted by markets.
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In questioning at the press conference, Mario Draghi was very keen to say that the governing council had no discussions so far about whether and when they would start to reduce their asset purchase programme. And he even went so far as to say that the technical staff at these ECB had not even been tasked yet with thinking about how that might happen.
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The ECB reassured that there seems to be a positive uptick in growth across the euro area at the moment. But so far, they're not convinced that there are sustained signs of inflationary pressures building. And that's what they really need to see. Because their target is to get that back towards 2%. Until they see that starting to happen, they won't ease back on their monetary stimulus.
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