A full transcript on Draghi's comments RE.......>

ECB: A full transcript on Draghi's comments RE markets since the Sep decision,

which may have helped spur the rates sell-off: (1/2)

Q on market expectations (rates higher, inflation expectations down) A: What was

the main goal of the September decisions? Was to cement the accommodative

monetary policy stance that was embedded in the expectations. As they had been

affected by the weakening medium term outlook. And the GC today, the discussion

was that this has been very largely achieved. In other words we saw the

flattening of the yield curve; the complete transmission of a lower deposit rate

into lower short-term rates. So what we have observed there, it's partly due to

the fact that there may be a part of the expectations which was not warranted by

the weakening economic outlook which went in a sense beyond the economic

developments which might have been disappointed. It's a very small part.