Soothing words for Europe's markets as Mario Draghi pledges a full commitment to rolling out the ECB's trillion-dollar money printing scheme, while saying more investment and price inflation are needed. David Pollard reports.
The ECB liquidity tap - it's still all the way open. (SOUNDBITE) (English) EUROPEAN CENTRAL BANK PRESIDENT, MARIO DRAGHI, SAYING: "After almost 7 years of a debilitating sequence of crises, firms and households are very hesitant to take on economic risk. For this reason quite some time is needed before we can declare success." That's central bank speak to say the trillion-dollar programme of bond-buying isn't likely to come to a premature end any time soon. Speaking in Washington, Mario Draghi also played down fears it would fuel price bubbles and sap savings. Extreme caution needed when the ECB does wind it down. (SOUNDBITE) (English) EUROPEAN CENTRAL BANK PRESIDENT, MARIO DRAGHI, SAYING: "Exiting from abundant liquidity policies is, has to be done very, very carefully." A raft of stronger euro zone indicators has prompted ECB fans to declare QE a success. Others think it too early to tell - others still wonder whether QE itself was too late. Commerzbank's Peter Dixon. SOUNDBITE (English) PETER DIXON, GLOBAL STRATEGIST, COMMERZBANK, SAYING: ''Arguably, perhaps, the ECB missed a trick in not implementing QE back in 2012. So I think if we look forward to five years from now and look back and say 'yes, I guess it helped', but other factors, notably the pick-up in the United States helped more and perhaps the ECB was a bit late in coming to the party with its rescue package.'' Also helping of course: a weak euro boosting export prospects. Five straight weeks of gains have now put the single currency at a three-month high. But, says Dixon, from an oversold level. SOUNDBITE (English) PETER DIXON, GLOBAL STRATEGIST, COMMERZBANK, SAYING: ''To some extent the recent rebound is a market realisation of the fact that they overdid it. You could interpret that as a vote of confidence in the strength of the euro zone economy, but I don't think it's going to undo Mr Draghi's work primarily because I think the upside for the euro is limited anyway.'' As for Draghi's five-year outlook: the ECB will, in his words, by that time be closer to what central banks are like in 'ordinary places'.