Mario Draghi hailed as rate rise pushed into distance

Analysts have hailed ECB head Mario Draghi as his handling of a cutback in euro crisis measures helped relieve European exporters, boosted European stock- markets, pushed down Irish bond yields, while reassuring there would be no early hike in interest rates.

There had been fears that plans by the ECB to eventually cut back on its market supports that had helped save the eurozone from the continent’s debt crisis would potentially upset financial markets.

However, the ECB president at a key meeting of the central bank adroitly announced the halving of the €60bn a month bonds purchases but at the same time reassured that the reduced stimulus would last longer.