ECB seeks “full QE implementation”

Mario Draghi

“We expect the economic recovery to broaden, and domestic demand should be further supported by monetary policy measures,” Draghi said. “The recovery is on track exactly according to our projections,” Mr Draghi said.

As expected, the ECB held its regular monetary policy meeting without any news regarding monetary policy, especially after board member Benoît Coeuré already announced two weeks ago that the central bank would frontload its asset purchases ahead of the holiday period.

According to the ECB, the Eurosystem bought €63.1bn of assets in May, €3.1bn more than its intended monthly purchases, to compensate for a likely lower amount of purchases in July. In particular, purchases under the PSPP portfolio accelerated quite significantly in May, while the pace of purchases under the CBPP3 slowed somewhat.

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