“A Strong Europe – A Bright Future for Germany” was the title of Draghi’s speech today at the Economic Council of Germany.
Draghi said “the overall economic outlook still warrants an accommodative stance.” He signified recovery later this year: “We expect that monetary stimulus and improvements in financial markets will support a recovery later in the year.”
Today’s speech from Draghi came as a surprise. Forex Factory said the event was added “to calendar 115 minutes before release time”.
OMT is “more essential now”
“Indeed, I would say that OMT is even more essential now as we see potential changes in the monetary policy stance with associated uncertainty in other jurisdictions of the integrated global economy,” said Mr. Draghi.
The OMT (Outright Monetary Transactions) in basic terms is: the ECB’s system of providing indirect stimulus without significantly increasing the money supply like the Federal Reserve’s quantitative easing efforts.
Draghi will be the European Central Bank President until November of 2019.
The Euro popped a little bit in result of today’s news. It’s likely that the Euro will be supplied some strength from Draghi’s statement today.
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