Draghi's "I Had An OMT Dream" ECB Press Conference - Live Webcast

Will Draghi confirm what every extrapolating talking head believes - that Europe is recovering - or will be stick to the facts that credit creation is collapsing, the core has turned down, and unemployment rates and delinquencies are at all time highs? But how will Draghi explain his forward guidance to his imperial leader?

• *MERKEL SAYS GLOBAL TIGHTENING OF MONETARY POLICY NEEDED

We are sure the "market" will be offered as evidence that OMT has worked and that recovery is just another quarter around the corner... just a little more accomodation

and there goes EURUSD...

Key headlines from the former Goldmanite:

• DRAGHI SAYS OUTLOOK RISKS ARE TO THE DOWNSIDE
• DRAGHI SAYS UNEMPLOYMENT REMAINS HIGH
• DRAGHI REVISES 2013 GDP FORECAST UPWARD, REVISES 2014 2014 GDP FORECAST DOWNWARD
  • ECB SEES 2013 GDP -0.4% VS -0.6%
  • ECB SEES 2014 GDP 1.0% VS 1.1%
• ECB STAFF REVISES 2013 INFLATION UPWARD BY 0.1% TO 1.5% FROM 1.4%, 2014 INFLATION FORECAST UNCHANGED
• DRAGHI SAYS UNDERLYING PRICE PRESSURES TO REMAIN SUBDUED
• DRAGHI SAYS MONETARY, CREDIT DYNAMICS REMAIN SUBDUED
• DRAGHI SAYS INFLATION EXPECTATIONS FIRMLY ANCHORED
• DRAGHI SAYS CONFIDENCE INDICATORS CONFIRM GROWTH IMPROVEMENT
• DRAGHI SAYS STANCE TO REMAIN ACCOMMODATIVE AS LONG AS NEEDED
• DRAGHI SAYS ECB RATE TO STAY LOW FOR EXTENDED PERIOD OF TIME
• DRAGHI: MONEY-MARKET CONDITIONS INFLUENCED BY LESS LIQUIDITY
• DRAGHI SAYS EXPORTS SHOULD BENEFIT FROM GRADUAL GLOBAL RECOVERY
• DRAGHI SAYS IMPROVEMENT IN FINANCIAL MARKETS REACHING ECONOMY