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The European Central Bank will keep ECB interest rates low for "an extended period of time," and may even lower them further, said the bank’s president, Mario Draghi, on July 4.
In a context marked by political tensions in Portugal and Greece, his remarks prompted significant rises in European stock markets and a decline in risk premiums for European and, in particular, Spanish bonds.
Almost a year after Draghi affirmed that he would do ‘whatever it takes’ to ensure the survival of the euro, the head of the ECB prompted surprise yesterday […] by opening the door to further rate cuts.
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