FXStreet (Mumbai) - Mario Draghi admits persistent low inflation rate reflects sizeable economic slack. Yet, he is hawkish, very unlike his previous stances. Domestic demand expected to be further supported by monetary policy. Low oil price, he says will support household disposable income and thereby boost private consumption. HIGHLIGHTS - Inflation forecast unchanged for 2015. Inflation forecast slightly lowered for 2016. Forecast estimated at 1.6 per cent for 2017 as against 1.7 per cent estimated earlier -GDP to grow 1.5 per cent in 2015, 1.6 per cent and 1.7 per cent in 2017 -ECB to extend asset purchase program by seven months to March 2017 - The central bank will buy regional bonds - No increase in QE value per month - Will reinvest QE proceeds - Risks to economic outlook are on the downside. - Our decisions reinforce momentum of the euro area's economic recovery and strengthen its resilience against global economic shocks - Willing to use all instruments - Low oil should provide support for households - Government expenditure likely to increase - Eurozone growth dampened by subdued growth in emerging markets For more information, read our latest forex news.