"Monetary policy stance will remain 'accommodative' for as long as needed, " Mr Draghi said.
Mr Draghi expects recovery later in the year, but that has been predicted before.
To be fair to Draghi, people getting excited about this meeting should have known better.
In the U.S. and Europe, guys like Ben Bernanke and Mario Draghi basically run the economy.
What has Draghi or any other European central banker said that has actually happened?
Indeed favorable bond market reaction to Draghi's OMT program will, paradoxically, delay its launch.
But Mr Draghi was able to act in part because Mr Monti had restored Italy's credibility.
There was also some genuine news in what Mario Draghi said on the issue of seniority.
The market place is now awaiting a press conference by ECB chief Mario Draghi.
With the power to create money, Mr Draghi owns the biggest gun of all.
In early August Mr Draghi said the ECB was prepared to resume bond-buying under strict conditions.
The President of the European Central Bank (ECB), Mario Draghi, was the star of the year.
Action at the short end, Mr Draghi argued, was closer to conventional monetary policy.
Draghi and Bernanke hold the keys to a possible massive rally or stock market breakdown.
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So Mr Draghi will probably be wary of swiftly stepping in to cap Italy's interest rates.
The markets may be panicking but Mr Draghi is said to be calm in a crisis.
Moreover, Mr Draghi's experience in Italy makes him wary of giving politicians a soft option.
Mr Draghi also promises to tackle one of the big worries that investors have.
From a speech by Mario Draghi, Global Investment Conference, London, 26 July 2012.
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Draghi was dodgy because there are several technical hurdles to implementation of the OMT .
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At the same time, the pressure is on policymakers, from Bernanke to Draghi, to deliver.
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They expect Draghi to deliver in Europe and bring relative calm to rattled overseas markets.
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If you were Mario Draghi you would talk a lot about conditionality as well.
The problem is that Draghi has also said that the ECB will sterilise these purchases.
Analysts at Commerzbank said the comments by Draghi were supportive across the board for commodities.
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Bernanke and Draghi only made the decision more obvious for gold and gold stock buyers.
It was at 6.6% in July before Mario Draghi showed up for work.
But Mr Draghi has laid down some important markers for the future which should not be ignored.
Mr Draghi is set to take over as head of the European Central Bank (ECB) next month.
Yet what if Draghi hadn't pledged to do what's necessary to prevent the eurozone from breaking apart?
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