Draghi: December ECB decisions have succeeded

• ECB will look through HGICP if it deems it transient
• Underlying inflation pressure are subdued

There's the "we'll ignore inflation" comment. EURUSD slips to 1.0622

• Borrowing costs have benefitted from ECB decisions
• ECB will continue to preserve a very substantial degree of accommodation
• Will use all instruments in mandate if necessary
• Data points to somewhat stronger growth in Q4
• Global recovery somewhat stronger
• EZ growth dampened by sluggish structural reforms
• Outlook risks tilted to the downside
• Downside risks relate to global factors
• There are no convincing signs of an upward trend in inflation
• Underlying inflation expected to rise more gradually over medium-term

The constant remarks on brushing the recent rise in inflation is hurting the euro.

• Structural reforms need to be stepped up substantially
• Reforms are needed in all EZ countries