Draghi disappointed our and the aggressive market expectations despitedelivering a 'menu' of monetary easing measures.
The easing from the ECB included
A 10bp deposit rate cut to -0.30% (the MRO rate was kept unchanged at 0.05%).
An extension of the QE programme by six months until the end of March 2017, butthe ECB did not expand the monthly purchases of EUR60bn. (The purchases willcontinue until the ECB sees a sustainable adjustment in the path of inflation).
A decision to reinvest the principal payments on the securities purchased under theQE purchases as they mature, for as long as necessary.
An inclusion of bonds issue by regional and local governments located in the euroarea.
A continuation of the fixed rate tender procedures with full allotment for as long asnecessary.
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