ECB meeting: more time needed

As widely expected, no policy decisions were take n at today’s Governing Council meeting. The GC acknowledged the weaker outlook, as reflected in a change in the balance of risks to the downside. At the same time, the risk of a n outright recession is still seen as small – assuming the existing uncertainties related to geopolitical developments subside. Mr Draghi gave little away in terms of future actions. With respect to interest rate forward guidance he hinted at a re-assessment at the March meeting. As far as new long-term refinancing operations are concerned Mr Draghi simply stated that the topic was discussed.