ECB Watch | Arrivederci Mr Draghi (“never give up”)

Summary

In a relatively relaxed press conference- Draghi’s last one as ECB President- , he provided a dovish tone, in line with his entire presidency. He did not give any hints about action to be taken in the short term, trying not to tie the hands of his successor, Mrs Lagarde. We expect the ECB to remain on hold.

Key points

• Key points:
• Mr Draghi tries to convey the message that unity has returned to the ECB despite legitimate discrepancies within the Governing Council
• Further stress on the need to activate fiscal policy to complement monetary policy

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