DRAGHI: No limits to how far we will go

Marketeers around the world are listening to ECB president Mario Draghi speak in public for the first time in over a month.

Draghi is giving a press conference following the ECB's monthly interest rate decision, in which it elected to leave its base deposit rate unchanged at -0.3%.

That decision was in-line with economists' forecasts but there's plenty for Draghi to talk about, with oil prices in the toilet and stock markets around the world suffering a shocking start to the year.

Draghi is using the conference as an opportunity to "comment on the considerations underlying" the decision.

Super Mario speaks

• Draghi also admits that he doesn't blame markets for being disappointed by his December decision, and says that "Communication is a two-way affair. It is very hard to put the blame of some disappointment on one side only."
• "All inflation expectation measures have declined and their correlation with current inflation and oil prices have increased" - Basically, inflation isn't going anywhere any time soon.
• Draghi asked for his opinions on the recent Spanish elections, abstains, saying that it's not in his mandate to answer questions on politics.
• If you want to read Mario's whole opening comments, you can read them on the ECB's website.
• "It will be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March" - Draghi has now said this three times since the conference started. Is he pointing to another rate cut?
• European markets are replying positively to Draghi's comments. The Eurostoxx 50 is up 1.78% right now.
• "We look at the second round effects" of the falling oil price, Draghi says, and adds that the bank will definitely take action against those effects.
• "Why doesn't the ECB just ignore oil prices?" asks a journalist from Die Zeitung.
• The ECB is closely monitoring capital outflows from China, and how they will affect the Eurozone.
• After Deutsche Bank's horrible results yesterday, Draghi asked about worries that a new financial crisis could be on its way. "Our mandate is to reach price stability not to protect banks' and insurers profitability" he replies, but says that ensuring widespread economic growth is the best way to protect financial stability.
• Draghi asked whether he thinks central banks have lost some of their power to control inflation. He replies that the bank is not "surrendering" and will continue to follow its mandate.
• "There should be no doubt" that the ECB has "power, willingness and determination to act", Draghi says.
• Mario once again reiterates that "there are no limits" to how far the ECB will go to ensure that inflation remains at, or near 2% in the long term, after being asked what tools he has left to combat low inflation.
• Draghi striking a very dovish tone so far, now ready to take questions from the gathered press.
• Inflation expected to stay low until the back end of 2016, Draghi says. It will pick up towards the end of the year.
• The euro is sliding as Draghi's press conference continues. Right now it is down by 0.99% to $1.078.
• "As we start the new year, downside risks have increased again" - Draghi cites problems in emerging markets and slumping commodities.
• Draghi says that ECB monetary policy is working, and has strengthened the Eurozone economy against "present global shocks."
• The ECB expects the deposit rate to stay at present, or lower levels for "an extended period of time."
• Draghi begins by wishing everyone a Happy New Year.

This post will be updated throughout Draghi's press conference. Keep checking back.