While admitted there's "a picture of weakening growth" in the euro zone, ECB chief Mario Draghi confidently intoned that the probability of an EU recession is low.
However, Draghi dropped the hammer on any doubters that the only thing that matters is him...
"We're ready to use all instruments. ALL instruments."
A 'whatever it takes' moment if ever there was one.
EURUSD tumbled on the headline...
But we do note that this is a relatively modest move compared to previous "we're all in" comments - are central banks losing their mojo?
While perhaps inevitable given the near exhaustion of the effectiveness of #centralbanks’ exceptional measures to stimulate the #economy, #ECB President Mario #Draghi is coming across as rather defensive, repeatedly having to refer back to his carefully-crafted written remarks.— Mohamed A. El-Erian (@elerianm) April 10, 2019