ECB President Draghi Speaks

ECB's Draghi: Euro area faced exceptional challenges over summer; macroeconomic environment more challenging.

Forecasts show slower increase in inflation; he cites EM markets, Euro, oil price as risks.

Europe can only be strong if acting in unity.

ECB won't hesitate to act if risks increase; QE has sufficient "in-built flexibility".

ECB can alter size, composition, duration of QE; he sees no financial stability risks at this time.

Must make progress with capital-markets union; must boost scope for cross-border private risk-sharing.

Premature to say if risks permanent, transitory; revision to forecasts was marginal.

Policy will stay accommodate; recovery will be supported by lower oil prices.

Can't transform cyclical recovery into structural one; confidence in financial markets has returned.

ECB won't stay in Troika forever.

Reinstating waiver is "quite important" decision; Greece has to own program to qualify for waiver.

Monetary policies on different paths globally; present policy is effective.

ECB ready, willing, capable to act if needed;

If needed, QE will be extended beyond Sept. 2016.