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  • According to Reuters, European Central Bank President Mario Draghi told EU leaders at this week’s summit that the international trade was the main reason for the economic slowdown in the euro area.

    Key quotes (via Reuters)

    • ECB sees protracted weakness, pervasive uncertainty in eurozone  economy.
    • Risks of recession still quite low.
    • Sees substantial degree of monetary policy accommodation as needed.
    • Aggregate consequences from Brexit on eurozone are small.
    • Central banks are prepared for Brexit, private sector needs to step up preparation.