If it ain't broke, then don't fix it.

That was the message once again from ECB chief Mario Draghi today as he continued to hold off any policy action.


"Based on our regular economic and monetary analysis, we decided to keep the key ECB interest rates unchanged.'

Instead of Frankfurt, policymakers were meeting in Paris.

The change of scenery initially thought to reflect concerns over France.

But the only country provoking questions was Italy, and its potential political meltdown.

There are worries it could hinder the bloc's recovery - concerns downplayed by Draghi.


"It doesn't really hurt the foundations of the euro zone as it used to do a few years ago. In other words, the euro zone and the euro is more resilient today than it was a few years ago."

There are still challenges ahead though.

On top of the turmoil in Italy, inflation's hit a 3 and a half year low, while the euro nears a 2 year high.

But markets are optimistic a recovery is taking hold.

As long as that happens, the ECB will hold fire.

Mike Ingram from BGC Partners.


"This is all powder that they want to keep dry. At the moment, there seems to be a decent amount of economic momentum. It's heading in the right direction, there's probably no urgency to do anything."

But talk of a rate cut is never far away.

The US Federal Reserve holding off tapering its stimulus has given the ECB some breathing space for now.

But Draghi knows it won't last for long, stressing that another LTRO is still an option.

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