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The lack of any change in the ECB’s key benchmark rates and clear downside risks to their economic projections failed to support markets, economists at Westpac Institutional Bank inform.

Key quotes 

“Markets were surprised by the lack of a cut in ECB’s key policy rates.”

“Lagarde stressed that the LTROs and new TLRTO III were part of a ‘comprehensive package’.”

“The ECB seems increasingly frustrated by the lack of a coordinated fiscal response from the EU.”

“Markets did not react well to the overall package, causing EUR, Bunds, Eurozone bonds spreads and European equities to perform poorly within the weak global backdrop.”

 

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