ECB adopts wait-and-see approach

The ECB has chosen to make no policy changes at the first meeting of its governing council since the EU referendum and the UK’s Brexit decision. They have chosen to wait at least another six weeks to assess the economic and financial market developments and the impact of Brexit on growth and inflation. ECB President, Mario Draghi, did however, make it clear that the ECB is “ready, willing and able” to act if needed. Market reaction has been minimal, as this announcement was expected, with the euro slightly up against the US dollar, reaching a daily high of $1.106.