Mario Draghi has made it clear that he is unwilling to allow the markets to undermine him. Given that only six weeks have passed since the ECB announced an extension to its quantitative easing scheme, he did not feel that the volatility that we have seen at the start to the year has been enough to justify another round of additional monetary stimulus. As expected, Mr. Draghi announced that interest rates will remain at their current level of minus 0.3 per cent for the deposit rate and 0.05 per cent for the main refinancing rate. With this said, the announcement has led to speculation of the next round of stimulus occurring in May or June this year, with possibly another cut to the deposit rate or a further expansion of quantitative easing.