• QE still has considerable headroom

• QE limits are specific to contingencies faced by the ECB

• If outlook doesn't improve, additional stimulus is needed

• Negative rates have proven to be a very important tool

• Indicators for the coming quarters point to lingering softness

• ECB able to enhance forward guidance by adjusting its bias and conditionality to account for variations in adjustment path of inflation

• In the coming weeks, we will deliberate how our instruments can be adapted commensurate to the severity of the risk to price stability

Dovish comments from Draghi sent euro to its low for the day with EUR/USD testing the 1.1200 handle currently.