In her usual post-meeting press conference, ECB President Christine Lagarde said that Euro area growth had moderated, but was expected to pick up strongly in 2022. 

Additional Takeaways:

"The labour market is improving."

"Shortages are restraining activity, and are a headwind in the near term."

"The public health crisis is ongoing."

"High inflation is largely due to energy."

"Inflation is to decline next year."

"Inflation will remain elevated in the near term."

"Continue to see inflation in medium-term below target."

"Inflation projected to settle below target."

"Progress towards target permits step by step reduction in QE."

"Accommodation is still needed."

"Need flexibility, optionality."