Draghi – QE will run longer if necessary

ECB’s Draghi, while explaining today’s decision to cut rates and expand QE, said the stimulus will reinforce momentum of the Eurozone's recovery and the QE program will go on till March 2017 or beyond if necessary.

Key Quotes

QE will run until the ECB sees a sustained rise in CPI

Raises Issue share limit on QE bonds to 50%

4 new TLTRO's will run for four years

The first, TLTRO 2 will start in June

TLTRO rate can be as low as the prevailing deposit rate

Switches from TLTRO 1 will be allowed

Corporate bond purchases will start end of Q2