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Despite the new set of panic selling hitting markets in the last minutes, Draghi is continuing to stress just how determined the ECB is fight off deflation.  He is asked if the central bank is over-reacting.  "It is not an over-reaction to low oil prices. It is a reaction to the fact conditions have significantly changed since early December. This change was due to a significant weakening of global growth prospects." He also bats away criticism that central banks are running out of tools or that their current measures don't work, highlighting that credit creation has increased after QE .  "Fragementation in the eurozone has now disappeared" he asserts. .. The euro and stocks are taking today's mega stimulus measures badly, despite the fact they exceeded all initial expectations.  It's difficult to tell just why, but Draghi's comments that rates do not need to head lower for now seems to have unleashed  a fresh round of panic for traders. However, and it is important to stress, =the Italian insisted that the ECB would be flexible in reacting when "the facts change".  Interest rates will also stay low and could head lower beyond the QE window into 2017. Before the press conference concluded, Draghi added:  "We are not in deflation" despite the -0.3pc consumer prices this year. Inflation will go up as a result of these measures, but Draghi admits it will take a long time to get near the close to 2pc target. "This is substantially difference to Japan in the 90s".