ECB president Mario Draghi has begun his press conference. Selected quotes from his speech are shown below:

• Downside risks have diminished
• Underlying inflation pressures continue to remain subdued and have yet to show a convincing upward trend
• If outlook becomes less favourable, we stand ready to increase our asset purchase programme in terms of size and/or duration
• Risks surrounding the euro area growth outlook, while moving towards more balance, still tilted to the downside