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FULL SPEED AHEAD ON QE
 
Though deflation has ended and prices rose faster than markets expected in May, alleviating the bank's biggest headaches, Draghi admitted that growth prospects have dimmed and the bank slightly cut its 2017 gross domestic product (GDP) growth forecast.

"There has been a loss or some loss of momentum, modest I would say ... mostly due to weakening of the economies outside the euro area, emerging markets mostly," he said.

Still, he said economic growth would broaden and risks are now more balanced, due in part to the bank's 1-trillion-euro plus asset buying programme, known as quantitative easing, which the ECB could in theory even expand, even if such an option is not being discussed.


The bank rolled out the asset buying scheme earlier this year to boost prices on the grounds that inflation is set to undershoot its target until 2017.
 
Early indications are that the scheme is working. Data this week showed euro inflation turned positive in May and the closely-watched core rate jumped to 0.9 percent, prompting the bank to lift its full-year forecast to 0.3 percent from the unchanged prices seen in March.

Inflation next year is seen at 1.5 percent then rising to 1.8 percent in 2017, in line with earlier projections, but only if the money printing programme is carried out in full, Draghi said.

"Risks remained to the downside to both price and growth stability," Citi said in a note. "Most of the growth risks were seen as coming from outside Europe, so even the downside risks were tapered."

With global oil prices now rising and the impact of last year's dramatic fall dropping out of the equation by the end of 2015, price pressures should rise automatically.

But Draghi rejected any suggestion that the money printing operation should end ahead of schedule and said it was too early to even discuss how it would end.

"Exit strategies are a really high-class problem, and we're really far from that, so we are not discussing anything about that," he said, adding that there was a "long way to go" on inflation.