Draghi ended his last full year as ECB president with a performance that deployed his trademark adroit management of market expectations with choreographed policy changes.
He confirmed in a December press conference that expansion of the ECB’s quantitative easing (QE) policy of bond purchases would end on schedule in 2018, and that the central bank does not expect to raise key interest rates until at least the summer of 2019.
Draghi cemented his reputation as the Markets Whisperer by highlighting the “great uncertainty” facing economic growth prospects, which encouraged traders to hope that a rise in European rates may be delayed beyond the targeted start point of mid to late 2019.
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