Draghi says, "From today’s perspective, we don’t anticipate it will be necessary to reduce rates further." We will see if that is true. We wouldn't be surprised to see NIRP being instituted later this year or next.
The euro whipsawed as Draghi spoke, falling as he repeated guidance that rates can go lower, and then strengthening as he explained that more cuts might not be needed, given the breadth of the ECB’s measures. That package included a 10 basis-point cut in its deposit rate to minus 0.4 percent, a surprise drop in the benchmark to zero, a pledge to buy corporate debt as part of 80 billion-euros ($88 billion) of monthly QE purchases -- 20 billion euros more than at the moment -- and four more multi-year lending operations.