ECB: so far, so good - Rabobank

Analysts at Rabobank explained that, as expected, the ECB kept its policy settings unchanged today. Alongside this decision, the ECB announced that it will start making its purchases under the corporate sector purchase programme (CSPP) on June 8.

Key Quotes:

"The key message by Mr. Draghi today was that the recent GDP numbers were encouraging and that the balance of risks - while still tilted to the downside - has improved due to measures taken and those still in the pipeline. However, the ECB would act if it were to see an unwarranted tightening of financial conditions, or if it were to see persistence of 2nd round effects in inflation.

However, Mr. Draghi stressed that the full impact of its previous measures as well as upcoming measures was still to be assessed. This confirms our view that the ECB is currently in a wait-and-see mode, whilst retaining a dovish stance."