As Draghi leaves, markets row back on future ECB rate cut bets

President Mario Draghi’s final meeting as head of the ECB last week saw the Governing Council keep policy unchanged.

These had included a cut of 10 basis points to the deposit rate, from minus-0.4% to minus-0.5% and indications it would restart its quantitative easing (QE) asset purchase programme next month at a relatively modest pace of €20bn per month. It also announced more favourable terms for its latest liquidity programme.