Mario Draghi leaves ECB with gloomy economic warning - as it happened

Graeme Wearden

from on 2019-10-24 18:12 (#4T3GP)

Mario Draghi warns that geopolitical risks are threatening the eurozone recovery, as he gives his final press conference as president of the European Central Bank

7.12pm BST

Finally, here's my colleague Philip Inman on today's ECB meeting:

Mario Draghi, the outgoing president of the European Central Bank, has warned that slowing global growth and Brexit uncertainty pose a risk to growth in the eurozone economy amid concerns that Germany remains on the brink of recession.

Speaking in Frankfurt after his final ECB policy meeting before stepping down, Draghi said the ECB was concerned that the economy of the 19-member currency bloc, which has slowed this year along with much of the global economy, faced "protracted weakness" going into 2020.

7.11pm BST

The weaker pound helped to push the FTSE 100 up by almost 1% today.

The blue-chip index ended 67 points higher at 7,328.25, with exporters and multinationals such as BAE Systems among the risers.

4.54pm BST

The pound has fallen back to $1.281 amid rumours that Boris Johnson may push for a general election again today.

That's a loss of roughly one cent today.

4.47pm BST

Not everyone in Germany dislikes Mario Draghi because of his expansive monetary policy.

Carsten Brzeski, Germany Chief Economist, says he's done well:

For the time being, Draghi will be the president who brought the ECB to new professional levels, in terms of communication, institutional set-up and toolkit of monetary policy instruments.

And the ECB president who saved the eurozone from falling apart, only with words. Arrivederci, Mario.

4.38pm BST

Draghi's gloomy prognosis shows that his successor, Christine Lagarde, faces a tough task at the ECB.

Andrea Iannelli, investment director at Fidelity International, says she may need to unleash further stimulus measures of her own:

With limited room for further manoeuvres, it will be all the ECB can manage to keep the eurozone economy on a stable, albeit very slow, growth path. Indeed, further asset purchases and even more negative interest rates may prove detrimental in the long run. Negative rates, in particular, place a heavy burden on banks' profitability, challenging their traditional business models, while forcing savers to take additional risks in their search for a positive income stream.

"As highlighted vigorously by Draghi at almost every press conference during his time in office, the ECB needs the support from governments and fiscal policy if things are really to change. However, for this to happen, circumstances may have to get a little worse before they get better, and markets may have to continue to rely on the ECB to provide a backstop for some time to come."

4.33pm BST

Oliver Blackbourn, portfolio manager at Janus Henderson, says politicians should heed Draghi's recommendation to raise spending (where possible):

The man that perhaps embodied the superstar central banker more than any other can think about other things now.

Investors wait to see which parts of his legacy Christine Lagarde takes forward and whether her much-vaunted political skills can find a way to help the Eurozone out of the current malaise. Meanwhile, investors need to keep an eye on the on-going debate on German fiscal stimulus. Fiscal easing represent a potentially more potent form of support for the economy as monetary policy appears to be reaching its limits."

3.45pm BST

3.43pm BST

We heard a familiar message from Mario Draghi today, says Andrew Wilson of Goldman Sachs Asset Management:

"As expected, Mario Draghi used his final meeting as ECB President to reiterate the need for accommodative monetary policies-such as those unveiled in September-to ensure inflation gravitates towards its 2% target.

He also continues to advocate for fiscal policy to play a more active role in supporting growth, a message echoed by policymakers during the Autumn IMF/World Bank meetings, with monetary policy increasingly being perceived as insufficient to address growth challenges such as trade protectionism.

3.29pm BST

Here's some Twitter reaction to Draghi's last press conference at the ECB - some highly complimentary, some less so....

Pity the monetary union that needs Mario Draghi. The eurozone should be very thankful for all he did in the past eight years. Now it must show it can do without its saviour. #Draghi pic.twitter.com/ApddwoirvM

Across the G-3 central banks, Mario Draghi had by far the hardest job. A deeply divided Governing Council with powerful hawks that publicly undercut badly needed easing measures. Inflation is low, but it would be far lower without Super Mario. Thank you! pic.twitter.com/PEIHYVs0Fa

And the last word goes to @fwred as it rightly should. #Draghi pic.twitter.com/ZZIjTE26Jp

Mario #Draghi did rip off savers, but that should not distract from the fact he's only a bureaucrat, willingly doing what it takes to save an unsustainable currency union which serves to prop up unsustainable welfare states, all backed up by democratically elected politicians.

3.27pm BST

Mario Draghi has used his final appearance as Europe's top central banker to warn that the eurozone economy remains weak.

Sounding like a man spying clouds on the horizon, he declared:

The risks surrounding the euro area growth outlook remain on the downside.

In particular, these risks pertain to the prolonged presence of uncertainties related to geopolitical factors, rising protectionism, and vulnerabilities in emerging markets."

One has the sense that somehow the lower likelihood of a hard Brexit or a cliff edge has improved the overall situation. On the other, the uncertainty is still there.

Draghi: With fiscal policy, the monetary policy objective will be reached sooner with less side-effects

Mario Draghi tells reporters he has no plans to open a Twitter account.

2.45pm BST

Q: You are credited with saving the euro with three words....but your policies are criticised across the region. One day, a country may decide that the euro is not irreversible ....

Should you have done more to reach out to the public? And will Italy ever fix itself?

No-one would ever say 'if you understood me, you were stupid'. We all try to be transparent today.

Important last words by #Draghi as #ECB chief: Support for the euro is at its historic high, even in Italy now everyone agrees the euro is irreversible (hint to Salvini), but more needs to be done. Clearer communication is needed (hint to Greenspan) but without entering politics

Press corps gives Draghi a round of applause!

2.30pm BST

Q: When you started, Greece was in a bailout programme. Now, it just sold bonds at a negative yield - so was the Greek programme a success

Draghi says that the policies implemented in Greece are paying off. But it also shows the dangers of ending these policies.

Success of Greek turnaround is first and foremost of #Greece itself, Mario Draghi

2.28pm BST

Asked whether he might become president of Italy, Draghi insists that you'll have to ask his wife!

Obviously he's just trying to deflect questions about his future. But Serena Draghi comes from a noble family (descended from the Grand Duke of Tuscany), so maybe she really is the power in the marriage.

Draghi tie = a110
ECB QE = a1.1tn
Checking inflation at supermarket = pricelesshttp://t.co/GkszIJIw5n pic.twitter.com/JHr1xqavB6

2.23pm BST

Q: What will you take from your time at the ECB?

It was a very intense, profound, fascinating experience, but I won't say more, Draghi replies.

2.17pm BST

Draghi then turns to political issues.

He agrees that there is more political pressure on central bankers, but rather less on the ECB than on other banks.

2.15pm BST

Q: What future plans do you have?

You'll have to ask my wife, says Draghi.

.@LondonerVince What's even more extraordinary is that @BILD haven't asked Draghi to return the pickelhaube yet pic.twitter.com/xn6GTdx9wW

2.09pm BST

Q: What are you proud of?

The way that the governing council and I have focused constantly on our mandate, says Draghi (brushing over the many clashes between policymakers over the years).

My legacy is never give up.

2.05pm BST

Questions are turning to Mario Draghi's legacy.

Q: How do you feel about not getting monetary policy back to normality, and could politicians have done more to help?

Today and yesterday during the meeting of the ECB Governing Council there was someone new sitting next to President Mario Draghi... pic.twitter.com/qCb2Xt9LlV

2.00pm BST

Q: Given the rising criticism of central banks from politicians, will they be able to work together in the next financial crisis?

Draghi says it is vital that central banks keep co-operating.

Draghi: Central banks ought to continue to cooperate within their mandate and fora like the G20 are more important than ever

1.57pm BST

Q: Are you worried that Germany will fall into recession, and drag other countries down?

Draghi says recent weak economic data have confirmed the ECB was correct to announce a new stimulus programme last month.

1.55pm BST

Draghi says that the risk of a hard Brexit has reduced.

The lowered danger of a no-deal crisis has "improved the overall situation", he says, although the uncertainty still remains.

Draghi: The lower likelihood of a hard Brexit has improved the situation, but the uncertainty is still there

1.52pm BST

Today's decision was approved "with unanimity" says Draghi.

That suggests the governors who pushed back against last month's decision didn't kick up rough today.

1.49pm BST

The euro is unusually calm as Draghi speaks -- traders recognising that the ECB president will have left in a week.

So the $EUR's put the ECB presser on snooze. Already looking beyond Draghi. Haven't seen it trade this flat around an ECB meeting for a while... pic.twitter.com/QN0EbJiOCc

1.46pm BST

Mario Draghi is then asked about the split among the governing council at the September meeting, where several governors opposed restarting its bond-buying programme.

Draghi insists this isn't a big problem, trying to sweep the split under the carpet.

Laughing the rift away. #Draghi #ECB

1.44pm BST

Onto questions..

Q: Are you concerned about the IMF's criticism of negative interest rates last week?

1.42pm BST

As is traditional, Mario Draghi ends his statement with a plea to eurozone governments to step up their structural reforms.

Governments with fiscal space should act in an effective and timely manner, Draghi says (that's you, Germany!)

1.39pm BST

Draghi predicts that headline inflation in the eurozone will probably "decline slightly" before rising by the end of the year.

Labour cost pressures have risen, he says (good news for workers!).

1.37pm BST

Risks to the eurozone growth outlook remain to the downside, Draghi warns.

He cites "prolonged uncertainties cause by geopolitical factors, protectionism, and vulnerabilities in emerging markets".

1.35pm BST

The ECB stands ready to adjust its instruments where necessary to achieve its inflation mandate, says Draghi seriously.

He then warns that the eurozone economy appears to be weakening, saying:

Incoming data since the meeting in September confirm our previous assessment of a protracted weakness in euro area growth dynamics, the persistence of prominent downside risks and muted inflation pressures.

Draghi: The package will support the euro area expansion, the ongoing build-up of domestic price pressures and, thus, the sustained convergence of inflation to our medium-term inflation aim

1.33pm BST

Looking suitably demob-happy, Mario Draghi says he's very happy to update the press on today's governing council meeting.

He's reading out the statement released 45 minutes ago, confirming that the ECB left interest rates on hold and will begin its new a20bn/month asset purchase programme next month.

*DRAGHI SAYS CHRISTINE LAGARDE ATTENDED GOVERNING COUNCIL$EUR @ECB pic.twitter.com/4lRkafTDc8

1.29pm BST

Mario Draghi has arrived for his final press conference as ECB president. You can watch it live here.

Watch ECB press conference live: President Mario Draghi explains today's monetary policy decisions https://t.co/GZvL5Xa8sl

1.25pm BST

Berenberg Bank have created four charts showing Mario Draghi's performance.

They say he was a 'star performer' at ending the eurozone crisis through his policy measures and verbal commitments....

1.18pm BST

It's nearly time for Mario Draghi's last press conference as head of the European Central Bank, after an eventful eight year stint.

Kit Juckes of Societe Generale says Draghi certainly did it 'his way'. But the job of reviving the eurozone economy is not finished.

He arrived to recession and ballooning peripheral spreads. He delivered a de facto guarantee to the Eurozone bond markets that dismayed some of his colleagues but which has removed one major structural failing of the single currency system. He revived growth without reviving inflation much, delivering an average of 1.2% real GDP growth and 1.2% CPI inflation over the course of his term. Saving the bond market sent the currency on a tear, which helped drag inflation down, and persuaded him to embark on monetary policies which caused even more friction. His only big mistake however, may have been to prematurely declare victory in 2017 and promise to taper bond purchases. The currency soared, growth slowed and inflation turned back down.

He leaves with the job of reviving the economy unfinished, and as he hands over the monetary baton to Christine Lagarde she might as well use it to beat up finance ministers and campaign for Europe's fiscal 'rules' to be thrown into the Rhine. If she can do that, the euro will recover; if she can't, it is likely to struggle, rising against the dollar only when that falls across the board.

Draghi's now famous "whatever it takes" moment saved the Eurozone by finally allowing the ECB to become a credible lender of last resort, a key facet for any central bank. Sovereign spreads have converged ever since, allowing for the odd political wobble, with Draghi's ECB loaning money to banks, buying up sovereign and corporate debt, and taking interest rates below zero.

The inflation objective during his tenure has not been met, perhaps a near-impossible task given the scale of deleveraging in the Eurozone and challenging demographic trends. But his legacy is the survival of the euro during its toughest test to-date using methods that were previously anathema to a central bank steeped in the traditions of the Bundesbank.

The split has cast a cloud over Mario Draghi's legacy.

"Whatever it takes" can no longer be the ECBs modus operandi under Christine Lagarde. ECB hawks are concerned that a further drift into negative rate territory would hasten "Japanification" while a significant expansion in the ECB's balance sheet is the road to debt monetisation. In the interim, the German economic slump is dragging the rest of the eurozone into recession and disinflation.

12.56pm BST

The European Central Bank has also confirmed that it will restart its stimulus programme on 1 November.

As announced last month, it will buy a20bn of bonds with newly created money each month, until growth and inflation are back on target.

The Governing Council expects the purchases to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates.

12.50pm BST

Newsflash: Mario Draghi has signed off his final meeting as ECB president, by leaving interest rates at all-time lows.

That means the benchmark borrowing rate remains at zero, while banks will face negative interest rates of -0.5% for leaving cash at the ECB rather than lending it.

BREAKING: Mario Draghi becomes the first president to leave the ECB without ever having raised interest rates.

The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.

12.47pm BST

Today's disappointing results show that Twitter's momentum in recent quarters has cooled, says eMarketer Senior Analyst Jasmine Enberg:

She explains that this could be a bad sign for the current quarter, especially given the problems at its advertising arm:

"Despite the continued double-digit growth in monetizable daily active users (mDAUs), Twitter missed on revenue.

The miss wasn't just because of tough comparisons, which were expected to dampen their revenue growth, but issues with their ad product. That could impact their performance in the all-important Q4."

12.33pm BST

Central bank news: Turkey has just cut interest rates by a chunky 250 basis points.

This takes Turkish benchmark borrowing costs down to 14%, from 16.5% previously.

Turkey cuts more than expected: from 16.5% to 14.0%, Exp. was 15.5%#TRY -0.39% against other currencies#USDTRY 5.75803 +0.41%#EURTRY 6.41357 +0.46%#GBPTRY 7.42888 +0.3%#TRYJPY 18.85 -0.52%

12.22pm BST

Newsflash: Social network Twitter has missed revenue and earnings forecasts, sending its stock sliding in pre-market trading.

Twitter numbers basically show it's used a lot but it's hard to monetize - not new info

"We also continue to make progress on health, improving our ability to proactively identify and remove abusive content, with more than 50% of the Tweets removed for abusive content in Q3 taken down without a bystander or first person report."

12.04pm BST

Germany's jobs market has been the envy of the eurozone for years. But that may be changing.

Today's PMI reports show that firms cut staff for the first time since 2013, as they reeled from a sharp drop in new orders. Factory staffing levels fell at the sharpest rate in a decade, as firms ditched temporary and contract workers.

The drop in employment was consistent with signs of easing capacity pressures with firms reducing backlogs of work at the quickest pace in 7 years. Meanwhile business sentiment fell to the lowest since November 2012.

The combination of contracting new orders, easing capacity pressures and increased pessimism on future expectations points to further job losses in the months ahead. We have been highlighting for some time the risks of the labour market turning, especially in Germany, and the latest PMIs show this risk taking hold

#Germany's manufacturing slump is taking a harsher toll on the jobs market. PMI rose marginally in Oct, but still signals slump has extended into Q4. Factories remain the weak spot, w/employment in industry falling the most in almost 10yrs. https://t.co/B7UoIAUb17 pic.twitter.com/5gLCW1d5QX

11.26am BST

Here's our news story on this morning's poor PMI data:

11.24am BST

New groundbreaking analysis released today has shown how corrupt super-wealthy people are funnelling dirty cash into the UK.

Transparency International UK has analysed more than 400 money laundering and corruption cases. It uncovers how ultra-expensive homes, expensive cars and jets, luxury goods, and private school fees are being paid for with ill-gotten gains.

Research by Transparency International, an anti-corruption campaign group, found more than 300bn of suspect funds have been funnelled through the UK banks, law firms and accountants before being spent on a 1m Cartier diamond ring, masterpiece art works from Sotheby's, and a 50,000 Tom Ford crocodile-skin jacket with matching crocodile-skin handbag from Harrods.

The suspect cash - which often comes from corrupt officials' embezzlement of hundreds of millions of pounds from poor countries' state coffers - was also found to have been spent on a 200,000 Bentley Bentayga driven by the 22-year-old son of the former prime minister of Moldova. His father, Vlad Filat, had been sentenced to nine years in prison for his role in the "theft of the century".

BROKEN: Our first line of defence against money laundering... #dirtymoney https://t.co/oLuoSs5YDp

10.54am BST

Anders Svendsen of Nordea Markets fears that the eurozone economy is at risk of recession:

Euro-area PMI still points to downside risks to our baseline forecast pic.twitter.com/VQ2ujLszDX

10.44am BST

The decline in Germany's private sector has alarmed economists, who fear that Europe's largest economy is weakening.

Katharina Utermihl of Allianz fears that Germany will be at risk of recession in 2020 (it may have already entered one this summer).

The subdued outlook for global trade and the car industry as well as lingering elevated political uncertainty surrounding trade and Brexit are still weighing too heavily on Germany's industry. The renewed decline in new export orders suggests that external headwinds will continue to persist in the coming months.

In addition, there are increasing signs that the pronounced industrial weakness is spreading to other sectors of the German economy.

German markit PMI: Increasing signs of spillovers from manuf. sector to services in October. Employment falls for first time in six years : the drop continues in manuf sector (neg. territory) and in services (positive territory) pic.twitter.com/ZW8H5HujFa

Nope, they did not. German composite PMI edged up every so slightly in October, but remains depressed with further signs of adverse domestic spill-overs. pic.twitter.com/0asIEexIRo

10.22am BST

The weak October PMI report shows the ECB may need to take more action, argues City brokerage XM:

Flash PMI readings for October released this morning showed the region's economic troubles were far from over as they disappointed once again.

The key composite PMI by IHS Markit rose slightly in October but by less than expected, suggesting the Eurozone may require still more stimulus.

9.53am BST

Some instant reaction to the eurozone PMI survey:

Euro Area preliminary PMI estimate for October of 50.2, basically unchanged on September's 50.1. Consistent with GDP change of c. 0%q/q-0.1%q/q. Germany's PMI still in contraction territory (48.6) while there was an improvement in France's PMI (52.6 up from 50.8). pic.twitter.com/Mb2uCjfWmN

German PMIs - the negative take:
Increasing signs of spillover into domestic services and jobs. pic.twitter.com/TyUGKaOLhZ

Latest PMI report showed that inflation pressure weakened further in October.
Chart by @fwred pic.twitter.com/mCkLkOkdhS

Eurozone PMI knows nothing about global warming. pic.twitter.com/RFdSqFRwfp

9.52am BST

Today's weak PMI surveys suggest the eurozone economy only grew by 0.1% in July-September, says Chris Williamson, chief business economist at IHS Markit.

That would be even weaker than the 0.2% growth recorded in April-June- well below long-term trends.

"The eurozone economy started the fourth quarter mired close to stagnation, with the flash PMI pointing to a quarterly GDP growth rate of just under 0.1%.

"The manufacturing downturn remains the fiercest since 2012, and continues to infect the service sector, where October saw the smallest increase in new work for almost five years.

9.31am BST

Newsflash: The Eurozone economy is close to stagnation, casting a shadow over Mario Draghi's final performance as ECB president today.

Demand for goods and services is falling this month, for the second successive month, according to the latest flash PMI data for the region.

The Eurozone economy remained close to stagnation at the start of the fourth quarter, according to the latest flash PMI data, with demand for goods and services falling for a second successive month.

Flash Eurozone PMI at 50.2 (50.1 - Sept), broadly indicative of a stagnant economy for the second month running. Demand for goods and services continued to fall and jobs growth was at its weakest since the end of 2014. More: https://t.co/RU5jWCQ6qE pic.twitter.com/V3LLuEjltO

9.18am BST

Bloomberg have produced this excellent thread showing Mario Draghi's legacy - where he did well (holding the euro together) and where he fell short:

THREAD 1/ Three words - "whatever it takes" - defined Mario Draghi's time as ECB president, but he's prouder of another number: 11 million jobs (via @fergalob & @jrandow ) https://t.co/1rPCDAfETU pic.twitter.com/zIn5Fjvnnn

2/ Employment growth since 2013, when the euro zone emerged from its double-dip recession, is unequivocally Draghi's biggest economic achievement https://t.co/1rPCDAfETU pic.twitter.com/8Q1Km10iiB

3/ Looking deeper though, the picture is more complex. Germany has built on impressive job creation that started well before Draghi's term. France can tell a similar tale, but labor markets in Spain and Greece still haven't made up the lost ground https://t.co/1rPCDAfETU pic.twitter.com/7faUjep5gm

4/ Regional differences are equally striking when analyzing economic growth. Aside from Greece and Cyprus, no country has done worse than Draghi's native Italy in terms of GDP per head https://t.co/1rPCDAfETU pic.twitter.com/AlBQdxNnsp

5/ Inflation over Draghi's 8-year term has averaged 1.2% which, unlike with his predecessors, falls short of the goal of "below, but close to, 2%." It was even negative at times - so Draghi can at least claim he beat deflation pic.twitter.com/m2Dol2bMiR

7/ One other key indicator the ECB uses to gauge its success is lending by banks to companies and households, and that has responded better to stimulus. At just under 4%, credit is expanding at three times the rate of GDP https://t.co/1rPCDAfETU pic.twitter.com/SUh5ddeySO

8/ One small economy has taken an oversized chunk of Draghi's attention: Draghi kept Greece's lenders alive, by approving emergency liquidity, just long enough to allow a political solution that kept the country in the euro https://t.co/1rPCDAfETU pic.twitter.com/Zmw4JJ03g6

9/ For all the furor over a possible "Grexit" and the flirtations of factions in France and Italy with the idea of leaving the euro, membership has actually continued to grow. At the end of Draghi's term, a measure of the probability of a breakup of the bloc is near a record low pic.twitter.com/RzLGU4Q6fP

9.05am BST

In the City, shares in Royal Bank of Scotland have fallen almost 3% to the bottom of the FTSE 100 leaderboard.

The bank has taken another hit on PPI compensation this morning, setting aside another 900m for customers missold payment protection insurance.

9.01am BST

Boom! Germany's stock index has hit its highest level since June 2018, as markets rally across Europe.

The Stoxx 50 index of Europe's largest companies has reached its highest level since January 2018.

Brexit limbo continues on Thursday as the UK awaits judgement from Brussels on its extension request, one week before the country is due to leave the European Union. The EU will be in no rush to make a decision and may even be awaiting more details on how Parliament intends to make use of the time before doing so. There's little chance of it rejecting the request but how long it offers needs to be determined.

The pound has rallied a little this morning on the back of claims that Labour has offered a "pragmatic path" to a Brexit deal with a compromise on the timetable. The details of this are still lacking and the terms will probably not be acceptable to the Prime Minister but in reality, it's not that important. An extension will be signed off, at which point we're probably heading for an election. We are starting to see the light at the end of the tunnel.

8.47am BST

Bad news! Germany's private sector companies are slashing jobs as output and activity continues to shrink.

Data firm Markit's healthcheck shows that employment at German firms is falling for the first time in six years this month. Growth across the service sector slowed, while factories are suffering another contraction:

"Hopes of a return to growth in Germany in the final quarter have been somewhat dashed by the October flash PMI numbers, which show business activity in the eurozone's largest economy contracting further and underlying demand continuing to soften.

"Manufacturing remains the main weak link, though here there are some signs of encouragement with rates of decline in production and new orders easing and business confidence improving to a four-month high.

Other bad news for #Germany 's business morale:

Manufacturing #PMI at 41.9 in October, less than exp 42.0;
but services PMI falls to 51.2, much less than expected 52.0 as #Bundesbank says the country will enter #recession in 3Q@graemewearden

8.39am BST

Some good news: France's economy has strengthened this month, according to data firm Markit.

Markit's 'flash' survey of purchasing managers shows that service sector firms are growing solidly, while manufacturing managed some growth too.

8.28am BST

Mario Draghi can also take some credit for getting eurozone unemployment down.

The euro-ara jobless rate is now 7.4% - still too high, but much better than the 12% seen in 2013.

It will not be a far fetched statement to say that Mario Draghi, the current president of the European Central Bank (ECB), saved the Euro. He saved the single currency of the eurozone by introducing three keywords: "whatever it takes".

Another significant accomplishment is employment growth in the euro-zone, 11 million jobs. He can certainly be proud of his achievements at the central bank. However, the area of the eurozone which didn't perform well under his tenure is inflation. It has been languishing, and unfortunately, the situation isn't getting any better despite his last-ditch back in September to boost price stability-inflation.

8.16am BST

I fear that today's ECB press conference will fail to match April 2015.

"What I wanted to demonstrate is that economics are not just some god-given thing that we have to accept and go along with. We can try to change our economy.

If the ECB was a democratically elected institution we could use it far more for the better."

7.59am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Bild ataca duramente Draghi para el nuevo QE y lo compara con Dracula. Los gobernadores de los bancos de Alemania, Holanda y Austria se oponen a sus decisiones. Aqui se juega un partido clave. https://t.co/DOTQV6aviN pic.twitter.com/hSR1xG1rJq

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