Draghi: We may downgrade forecasts

ECB president Mario Draghi’s press conference yesterday turned out to be a damp squib, as he said little that would move the markets either way.

The Italian signalled that the ECB could follow the lead set by the European Commission this week and downgrade the growth forecasts for the region.

In September the ECB announced the Outright Monetary Transactions (OMT) programme, which pledged unlimited support to beleaguered member states by buying up short-term bonds in return for committing to structural reforms.