Before the adviser to Europe's top court delivered an opinion over the legality of the ECB's bond-buying programme, European Central Bank President, Mario Draghi offered his own take. He believes a loose monetary policy is needed to achieve price stability in the euro-zone, and the Governing Council is determined to deliver this. He says there is now a higher risk of deflation in the euro-zone than a year ago.
And to achieve the ECB's medium-term inflation target of close to two percent, Draghi says the ECB must keep interest rates low and work towards an expansive monetary policy that facilitates growth.