ECB President Mario Draghi reversed his tone regarding inflationary pressures stating that inflation will slow next year and underlying price pressures should remain modest, referring to the high uncertainties surrounding economic outlook, after referring to upside risks of inflation earlier this month. However, he still sees inflation above the ECB's 2% limit this year.

In addition, he urged euro area members to have a growth compact as the debt crisis worsens, where he said uncertainty remains very, very high.