Forex Flash: Draghi expects governments to “do the dirty work” – ING Bank

Forex Flash: Draghi expects governments to “do the dirty work” â€" ING Bank

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Forex Flash: Draghi expects governments to do the dirty work ING Bank

FITITOL--> FXstreet.com (Barcelona) - At today’s ECB press conference and ahead of Sunday’s elections in France and Greece, President Mario Draghi kept a low profile about the monetary policy: “At best, the only two policy-relevant comments were that an exit discussion was premature and that the ECB would decide on the full allotment in its liquidity operations at the June meeting. In our view, clear signals that rates will remain on hold and that ample liquidity operations will remain the ECB’s main policy instrument”, wrote ING Bank analyst Carsten Brzeski.

The main word for today is “growth” as Draghi pleas for a growth compact in the Eurozone to add to austerity measures and structural reforms. “In more detail, Draghi’s growth compact should comprise three elements: i) structural reforms in labour and product markets; ii) a revamping of European investment programmes through the EIB or EU funds; and iii) a clear vision for the future of the euro”, added Brezski , pointing to governments responsibility on “leading the dirty work”.