Today's ECB meeting was a bit of a disappointment. The main message from President Mario Draghi was that the ECB has introduced a significant amount of measures and that the impact still needs to be seen.
Hence, the signal was that QE in sovereign bonds is not just around the corner, although it was repeated that the Governing Council is ready to use unconventional tools.
Overall, Draghi had a hard time answering the questions today as he went from "we are ready to implement other non-standard measures" to "why are you blaming the ECB -- we are the good guys who already have done more than you could ask from us".
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