ECB: Draghi-ing on – ANZ

Research Team at ANZ, notes that the ECB was unmoved by the Brexit referendum, leaving its main refinancing rate at 0%, its deposit rate at -0.4%, and keeping asset purchases at EUR80bn per month.

Key Quotes

“The ECB said that if there was to be some impact from the UK’s decision to leave, then the ECB would be ready, willing, and able to act, using all instruments in its mandate. He added that the public would be the backstop for NPLs in exceptional times.

Next week sees the Fed and BoJ meetings, with the latter expected to announce some further stimulus packages.”