Mario Draghi stated the European Central bank is ready to do its part and reiterated “the Governing Council will review and possibly reconsider the monetary policy stance in early March”. Mr Draghi’s testimony has done little to move exchange rates this afternoon. The European Central bank currently operates an asset purchase facility and controls short term interest rates in the Eurozone. Any change to monetary policy will cause volatility and will likely become more exaggerated as we approach the ECB’s March meeting.
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