FRANKFURT Feb 6 The governing council of the
European Central Bank had a broad policy discussion at its
meeting on Thursday but decided to hold off from action pending
new economic forecasts next month, President Mario Draghi said.
"The reason for today's decision not to act has really to do
with the complexity of the situation I just described and the
need to acquire more information," Draghi told a news conference
following the ECB's decision to keep interest rates on hold.
"First of all, the macroeconomic projections by the staff,
which will be coming out in early March... for the first time
will contain forecasts for 2016 and that is a very significant
change in ... the information set that we use for our analysis."
Draghi said the governing council had broadly discussed the
policy instruments it might use. These included the possibility
of suspending operations to soak up money the ECB spent buying
sovereign bonds, which had received particular attention in the
market ahead of Thursday's meeting.
"It's one of the many instruments that we are looking at,
it's not been discussed... we had a broad discussion about all
the instruments," he said, adding that ECB committees had been
studying various measures, "so that by the time and if we are to
decide to activate the measures, we are ready to go".
"What measures we will decide to activate ... will depend on
the contingencies that we will have to face," Draghi said.