Draghi sounds warning of action in December

According to the ECB, "the strength and persistence of factors that are currently slowing the return of inflation" to the target, requires "thorough analysis" and motivate that "the degree of monetary accommodation will need to be re-examined" at the December meeting. 

While this is business as usual for the ECB, highlighting it in the Introductory Statement is not. In view of the downside risks, Draghi even suggested that the Governing Council will want to be "vigilant" (a keyword in the past for imminent policy changes). 

While Draghi acknowledged that domestic factors have shown resilience while stressing the risks from external demand, short term data are unlikely to be sufficiently weak to motivate further action in December, says Societe Generale.