Anglo American: early results show 41% vote against pay deal
Earlier: Draghi defends ECB independence against critics
ECB leaves interest rates on hold
Draghi’s press conference live
4.59pm BST
In his opening remarks to Anglo American’s annual meeting - just released by the company - chairman Sir John Parker has defended its pay policies:
We are of course well aware of the strength of feeling among some investors about the levels of executive remuneration in many large companies and the mechanisms that determine them. As you know, we undertook extensive revisions to our remuneration policy in 2013 following consultations by the chair of our Remuneration Committee, Sir Philip Hampton, with our major shareholders, and that policy was overwhelmingly approved at our AGM in 2014. It is that policy that we are working to today.
Volatile commodity markets and their effect on companies such as ours of course create a variety of remuneration outcomes. That is what our remuneration structures are designed for - to ensure appropriate alignment with shareholder interests, while also incentivising management through a balance between stretching management and making targets realistically achievable.
4.52pm BST
Anglo American plans to launch a review of executive pay, Reuters is reporting, after the revolt against the £3.4m pay packet awarded to chief executive Mark Cutifani.
The exact numbers show 41.64% of shareholders who submitted votes ahead of the annual meeting opposed the remuneration report.
4.38pm BST
The vote is, as usual, non-binding but will prove severely embarrassing for the company.
4.28pm BST
Anglo says the full voting result will be released on Friday. Of those shareholders who submitted votes ahead of the annual meeting, 41% were opposed to the remuneration report with 58% in favour.
Earlier investment group Hermes said it would not back the pay report. Director Bruce Duguid said:
We are concerned by the unusually high number of shares issued to directors under its long term incentive plan. This is roughly triple the number of prior years, as it is calculated by dividing the salary of each director by the prevailing share price, which was particularly low at the time of the award following a sharp fall over the year. In the light of the value creation experienced by long term owners in recent years, we are concerned about the resulting potential future reward to directors.
4.19pm BST
Elsewhere, the new “shareholder spring” seems to be continuing.
After nearly 60% of investors voted against Bob Dudley’s pay package at BP, Reuters is reporting that Anglo American has said that partial voting results show that 41% of shareholders have voted against its remuneration report at the mining group’s annual meeting.
4.07pm BST
Earlier, just as ECB president Mario Draghi was getting started, over in the US the Labor Department announced that the number of jobless claims fell unexpectedly last week.
Initial benefit claims dropped by 6,000 to a seasonally adjusted 247,000, the lowest reading since November 1973, compared to expectations of a rise to around 263,000.
3.29pm BST
Meanwhile oil is on the slide again. After early gains, a rebound in the value of the dollar has seen Brent crude fall 1.5% to $45.08 a barrel.
3.28pm BST
Back with the UK, and the Treasury has revealed the impact of falling oil prices on the North Sea sector. Scotland editor Severin Carrell reports:
The North Sea oil and gas sector raised only £35m last year following the collapse in global oil prices and further weakening the Treasury’s books, the latest HMRC data shows.
Provisional HMRC data for 2015/16 puts total petroleum revenue tax income at minus £503m – the first time PRT income has been negative for a full year, with operators able to deduct various allowances or a deductible expense for corporation tax and the supplementary charge. In 2008/09, the Treasury raised £2.8bn from PRT.
3.26pm BST
Still with the eurozone, and consumer confidence rose slightly more than expected in April after three consecutive months of decline.
According to an initial estimate from the European Commission, it edged up 0.4 points to -9.3 compared to expectations of a figure of -9.5.
A modicum of good news for Eurozone growth hopes as consumer confidence edged up in April having fallen over the previous three months to be at a 15-month low in March. The improvement was small, but at least it was a tiny step in the right direction.
Any sign that consumer confidence may be starting to turn around is to be welcomed as on the face of it, consumers perhaps offer the Eurozone the best hope for growth at the moment - the fundamentals still look reasonable for consumer spending in the Eurozone with deflation/negligible inflation boosting purchasing power and labour markets generally improved.
3.17pm BST
Commenting on the criticism of loose monetary policies from some quarters - notably Germany of course - economists at the Cebr said:
Cebr recognises that there are important risks associated with an over-reliance on loose monetary policy. Continuing to push on the string of monetary policy to boost the Eurozone’s flailing economy is not a sustainable way forward. The potential of monetary stimulus to restore inflation and growth is reaching its limits as more decisive measures such as ‘helicopter money’ are not yet on the ECB table. Moreover, the uncharted waters of “QE infinity” and negative rates could be hiding unintended negative consequences that no one can predict – the policies are after all called ‘unconventional’ for a reason. However, as Draghi pointed out in his press conference, the ECB is not alone in experimenting with these measures. On the contrary, the ECB has been late to the ‘QE party’ and in efforts to loosen policy more generally. Additionally, given its mandate to pursue price stability and contribute to the EU’s objective of balanced economic growth, the ECB cannot be blamed for loosening policy given the inadequate response when it comes to the other levers of economic management: fiscal policy and structural reforms.
Looking ahead, Cebr expects the economic recovery in the Eurozone to continue to develop at an anaemic pace. While the ECB’s stimulus measures will provide some relief for now, these policies will only work slowly in the absence of a supportive fiscal stance in those member states that can afford to do so within the Maastricht Treaty’s fiscal rules.
3.15pm BST
The ECB meeting was clearly dovish in tone, according to economist Carsten Brzeski at ING Bank:
Some ECB watchers today might regret that they did not enjoy one of the first sunny days of the year but stayed inside following a rather eventless, not to say dull, ECB press conference. As expected the ECB did not announce any new measures but sent a clear dovish signal, keeping the door open for additional easing in the future.
All in all, there are two key take-aways from today’s ECB meeting: first of all, the ECB is still on high alert and would be willing to implement even more stimulus if the recovery falters or low inflation leads to negative second round effects (even though it’s unclear what these measures would really be). And, secondly, the ECB does not look willing at all to alter its monetary policies as a result of German criticism. German [criticism] has become a fact of life but it will not change the ECB’s life.
3.06pm BST
Following Draghi’s performance, the ECB has issued more details of its corporate bond buying programme.
This will start in June and be carried out by six central banks, from Belgium, Germany, Spain, France, Italy and Finland.
2.55pm BST
Mario Draghi has just administered a very firm rebuke to his critics in general, and German finance minister Wolfgang Schauble in particular.
We have a mandate to pursue price stability for the whole of the euro zone not only for Germany.
We obey the law, not the politicians, because we are independent as stated by the law.”
That's all from Draghi. Very robust defence from critics. Expect questions about Helicopter money to intensify if inflation remains low
Listen to this Germany. Draghi rightly says that German ECB-bashing can have negative impact on confidence, actually prolonging ECB policies
Our policies work, they are effective. Just give them time to fully display their effects.”
What I expected from #Draghi: combativeness
What I got from #Draghi: patience
2.35pm BST
And finally, Draghi gets the Brexit question.
Q: Is the ECB worried that the UK’s referendum over European Union membership will hurt the recovery?
#Draghi says ECB expects continued volatility pre-#Brexit referendum. Risks to Eurozone recovery "limited".
2.27pm BST
Q: Are you worried that companies will stop investing because of the flow of criticism from Germany?
A polite, lively debate may even be welcome, to help shape our policies, says Draghi.
Draghi on Germany: "criticisms of a certain type could be seen as endangering the independence of the ECB" and put companies off investing
2.23pm BST
Q: How are relations with Wolfgang Schauble, and do you accept his claim that the ECB has fuelled support for extremist parties in Germany?
My discussions with Schauble have been very positive, fruitful.... and “I would say quiet, and very friendly” Draghi replies.
#Draghi addresses the elephant in the (#German) room: Would a non Italian president have done the same? Not mincing his words on #Schaeuble
Draghi: "My talks with Schauble were friendly" pic.twitter.com/1ePHzZbsWq
2.18pm BST
Draghi "To explain real rates to savers might be difficult. That's your job, I would say" (to German reporter)
2.18pm BST
Q: German citizens are seriously worried about their private pension schemes, as the yield on government bonds are so low. Did you discuss this, and what do you say to Germans?
Yeah, we are familiar with these concerns, and we are watching it, Draghi replies briskly.
By the way, I would urge all the actors in this sector to blame low interest rates for the cause of everything that has gone wrong in this sector.
2.12pm BST
Draghi: With rare exceptions, monetary policy has been the only policy in the last 4 years to support growth
2.11pm BST
Draghi is in a snappy mood today, repeating that the ECB’s measures have supported growth in the eurozone.
Indeed, they have been the only policy to support growth in the last four years (with rare exceptions). That’s a second slap at Germany!
#Draghi: "our monetary policy has been the only policy in the last 4y to support growth" => #ECB control to major Wolfgang, can you hear me?
2.08pm BST
Q: Last month you suggests interest rates are unlikely to fall again. Has that position changed?
Draghi says that the experience with negative interest rates has been largely positive so far. They haven’t hurt banks’ income, and they hasn’t been a pass-through to customers.
And for the umpteenth time, #Draghi rebukes banks' argument that negative rates are hampering their profitability -- #ECB
2.06pm BST
Q: How concerned are you about the recent rise in the euro?
As I’ve said many times, the exchange rate is not a policy target, although it’s an important factor in growth and inflation, Draghi says,
2.02pm BST
Q: Are there any circumstances under which the ECB could consider helicopter money? Is it legal under EU law?
We didn’t discuss it, Draghi repeats firmly.
Is it me or did #Draghi once again dodge the helicopter money question? "We haven't discussed it" isn't the same as "We can't do it".
1.59pm BST
1.58pm BST
Draghi then cites research showing that Eurozone GDP would be 1.6% lower if the ECB had not launched its stimulus measures. Inflation would be lower too.
1.56pm BST
Mario Draghi has just robustly defended the ECB against critics of its stimulus packages.
Q: Is Draghi concerned about criticism from German politicians* over its monetary policy?
We obey the law, not the politicians, because we are independent.
#Draghi: we had a "brief discussion" about recent criticism from Germany and we were "unanimous in defending the independence of the #ECB".
1.51pm BST
Q: Has the ECB considered helicopter money this month?
Draghi repeats his statement from last month (that helicopter money is an interesting idea that economists are looking at).
1.50pm BST
Onto questions...
Q: Can you give more details about the corporate bond-buying programme announced last month?
Draghi "If a company owns a bank, but parent is not a bank, it is eligible"
Good news for carmakers, there.
1.48pm BST
Good summary:
#Draghi so far: inflation could turn negative again but our policies are supporting the recovery and we stand ready to do more.
1.48pm BST
Draghi then give his own trumpet a little toot, saying the measures put in place since June 2014 have clearly helped the eurozone economy:
Draghi: Overall, our measures in place since June 2014 have clearly improved borrowing conditions for firms and households
Draghi would like policymakers to do more. #whodathunkit
1.44pm BST
Sounding suitably cautious, Draghi says that the risks to Eurozone growth remain “tilted to the downside”.
Inflation could turn negative again in the coming months, and uncertainties in the global economy are also holding back growth.
Shorter Draghi: "So far, so good so back off ok?"
1.41pm BST
Draghi adds that it is essential to preserve “an appropriate degree of monetary accommodation” for as long as needed.
That’s another hint that the ECB has more tools, if needed.
1.40pm BST
Draghi says that broad financing conditions in the euro area have improved since the ECB announce its “comprehensive package of decisions taken in early March”.
1.39pm BST
Mario Draghi begins with a prepared statement as usual.
He confirms that the ECB left interest rates unchanged, and immediately drops a hint that further cuts are possible!
We continue to expect them [interest rates] to remain at present, or lower, levels for an extended period of time - and well past the horizon of asset purchases.
*DRAGHI: SEES RATES AT PRESENT OR LOWER LEVELS FOR EXTENDED TIME
1.35pm BST
Mario Draghi and colleagues have arrived, a few minutes late..... (when last happened, it emerged that they’d got stuck in a lift!).
1.25pm BST
Here’s a live feed of Mario Draghi’s press conference, which starts in 5 minutes.
1.18pm BST
The sudden rise in the euro is a little curious, as every economist had expected the ECB to leave rates on hold.
1.14pm BST
The euro is strengthening against the US dollar, now up 0.5% at $1.135 (from $1.130 this morning).
That won’t please Mario Draghi too much. Perhaps he’ll manage to talk it down....
EURUSD goes stratospheric before Draghi because markets
1.12pm BST
Nancy Curtin, Chief Investment Officer of Close Brothers Asset Management, says that the eurozone economy looks a bit less troubled than six weeks ago, at the last ECB meeting.
“After Draghi brought out the big guns last month, he was never realistically going to up the ante further on monetary easing in April. The modest recovery in the Eurozone’s economic fortunes placed the ECB on somewhat firmer footing ahead of the decision. Lending conditions have improved in the bloc, business confidence seems to be climbing, and unemployment is falling. That’s not to say the recovery is entrenched by any means. Deflationary pressures remain prominent, the euro has been strengthening, and the impact of the forthcoming EU referendum in Britain will no doubt cause some uncertainty.
“The door is certainly not closed for further monetary stimulus, but given market scepticism about its long-term efficacy, it’s likely Draghi will keep any further measures back for moments of future turmoil.”
1.04pm BST
Reminder: At the last ECB meeting, Mario Draghi and colleagues threw the kitchen sink at the eurozone’s struggling economy.
They slashed interest rates to zero, hit banks with deeper negative rates but also offered them free loans, boosted their bond-buying programme to €80bn/month, and started buying corporate debt.
12.53pm BST
Monetary policy decisions: rates unchanged https://t.co/ZxI4DTVxHv
12.52pm BST
With rates on hold, we now wait for Mario Draghi’s press conference, in around 40 minutes (1.30pm BST or 2.30pm in Frankfurt).
The ECB says that Draghi will give more details about the stimulus measures he announced last month:
Regarding non-standard monetary policy measures, we have started to expand our monthly purchases under the asset purchase programme to €80 billion.
The focus is now on the implementation of the additional non-standard measures decided on 10 March 2016. Further information on the implementation aspects of the corporate sector purchase programme will be released after the press conference on the ECB’s website.
12.48pm BST
Here we go! The European Central bank has left interest rates unchanged.
That means:
#ECB keeps rates unchanged as expected, wait for Draghi presser. pic.twitter.com/iluEI5kZLS
12.43pm BST
Two minutes to go until the European Central Bank decision!
Just enough time to flag up this useful chart showing which ECB policymakers have been pushing for more monetary easing (the doves), and which are less convinced (hawks)
CHEATSHEET: Here's your new #ECB Spectrometer, updated with latest statements. Weidmann and Praet have moved a bit. pic.twitter.com/U4xeXE3Zov
12.39pm BST
Sweden’s central bank has highlighted the weakness of Europe’s economy, by boosting its stimulus package.
But the move has also shown the limitations of monetary policy to move the markets.
Watching #SEK market reaction to #Riksbank QE extension reminds me of 1970s British TV pic.twitter.com/IlCtbMJgfW
12.15pm BST
Europe’s weak recovery, despite the ECB’s ultra-loose monetary policy, is one key reason why the region is being “stretched to the limit”, says the Economist Intelligence Unit in a new report.
The EIU fears that Europe could be driven into heightened crisis this year, by problems such as migration, Britain’s EU referendum, and Greece’s debt woes.
This could happen as soon as mid-2016, when the UK votes on whether or not to remain in the EU, Greece has large debt payments falling due and this year’s migrant influx is likely to peak.
“Policymakers appear increasingly unable to understand and respond to the desires of their electorates. This is leading to voting patterns that could have lasting destabilising effects.
Nowhere are people more jittery about electoral risk right now than in the UK. We’re sticking with our years-old forecast that in June the UK will vote to remain in the EU—the pull of the status quo will strengthen as the vote draws closer and the risks of Brexit crystallise—but all the momentum has been with the “leave” campaign in recent weeks and nothing can be taken for granted.”
The idea that the ECB can boost the euro zone singlehandedly bumped up against the law of diminishing returns some time ago. In every speech he makes Mr Draghi exhorts the euro zone’s political leaders to do more to promote growth in their economies. There is little evidence that they take these exhortations seriously....
11.47am BST
One hour to wait until the European Central Bank announces its decision on monetary policy, followed by a press conference at 1.30pm BST.
City analyst Arjun Lakhanpal says Mario Draghi will try to reassure investors that his latest stimulus measures will work, and that further action is possible:
After the slew of measures unveiled at the March ECB meeting desks do not expect any significant action this week
Several analysts have noted that many of the major global risks that the ECB was concerned about at the March meeting seem to have diminishe
Draghi’s task according to some analysts is to ensure that this phase of the easing cycle does not looking like passive policy
As such expect him to stress the ECB’s focus on their mandate and their willingness to ease further.
11.42am BST
John McDonnell MP, Labour’s Shadow Chancellor, says chancellor Osborne must take the blame for missing the UK’s borrowing targets in the last financial year:
“The latest figures for public sector borrowing show George Osborne is on course to miss his only remaining target for the economy, with the Tory Government’s deficit significantly higher than forecast. Government debt is rising even as unemployment increases and exports slump.
“This is a record of further failure from the Chancellor of the Exchequer. His recovery is built on sand and his unaffordable and counterproductive fiscal targets mean that failures will continue. Labour’s Fiscal Credibility Rule would set a realistic target to get rid of the deficit on day-to-day spending whilst allowing government the capacity to invest in the high-tech, high-wage economy of the future.”
11.25am BST
The London stock markets has fallen into the red following the public finance figures, and the fall in UK retail sales.
The FTSE 100 is down 50 points, or 0.8%, at 6360. Media group Sky is leading the fallers after reporting slowing customer growth numbers this morning.
A double dose of dismal data was responsible for the index’s slide, with retail sales plunging to -1.3% (nearing those post-Christmas lows) and the UK’s borrowing figures overshooting George Osborne’s targets by £2 billion (to £74 billion) for the 2015/16 financial year.
Retail sales are always volatile month-to-month. But last month saw the biggest fall (ex fuel) since early 2014 pic.twitter.com/XOMVotjLId
11.12am BST
Britain’s Debt Management Office has announced it will sell an extra £2.1bn of government debt, to cover the shortfall in the public finances.
10.56am BST
George Osborne’s second term as chancellor hasn’t got off to a good start, says Ross Campbell, director for public sector policy at The Institute of Chartered Accountants in England and Wales:
“Within the first year of new Parliament, Chancellor George Osborne has missed his deficit target by £1.8bn.
It was always apparent that there was very little margin for error and that any small change in assumptions for public expenditure plans would make it difficult to hit the Chancellor’s £72.2bn deficit target. Unless the UK economy, against the backdrop of a global economy that is unwilling to help the Chancellor dig himself out of out of his fiscal hole, improves somehow, it looks like the notion of returning to surplus by 2020 is highly improbable.”
10.51am BST
Here’s the official Treasury response to today’s borrowing figures:
Today’s figures confirm that the record post-war deficit we inherited has been cut by almost two thirds as a share of GDP.
“We are borrowing £18 billion less than last year and March’s monthly borrowing was the lowest for a decade.
10.47am BST
Economists are warning that Britain’s public finances could be facing further problems.
Samuel Tombs of Pantheon Macroeconomics points out that today’s borrowing figures don’t show the impact of the recent economic slowdown.
The risk of a much bigger overshoot this year has grown as the economy has slowed.
With the fiscal projections also resting on optimistic assumptions for revenues from tax avoidance measures and savings from the welfare budget, we continue to think that the Chancellor will have to implement even more austerity than planned to achieve a budget surplus by 2020.
With income tax thresholds set to rise over the remainder of this parliament, not only does the government face restrictions on cutting spending, but also on generating revenue.
Therefore, it is very likely that within a couple of years the Chancellor will be faced with the unenviable task of deciding between cutting long-term investment spending or giving up on the self-imposed goal of eliminating the deficit by 2020. As cutting long-term investment spending eventually results in lower economic growth, Cebr believes that in this situation the Chancellor would be forced to abandon or postpone his deficit-eliminating ambitions. We expect a deficit of just over £30 billion in 2020.
10.31am BST
Today’s public finance figures could have been worse for the chancellor, argues Howard Archer, economist at IHS Global insight.
George Osborne will be open to criticism as he missed the 2015/16 public finances targets that were set out as recently as March’s budget – but he will probably be pretty relieved that a much improved March performance meant that the miss was narrow.
Furthermore, he can argue that the public finance data will be revised many times over the coming months so there is a realistic chance that the final figure will show that he achieved his targets.
10.17am BST
George Osborne has been dealt “yet another blow” by the news that Britain borrowed almost £2bn more than targeted last year, says Peter Spence of the Daily Telegraph.
It’s particularly awkward for the chancellor, as he read out the lower target to the House of Commons just last month.
Revealing the OBR’s forecast at the Budget in March, the Chancellor announced that the Government expected to borrow £72.2bn in the fiscal year.
However, it quickly became apparent that the UK would have to borrow more than planned.
The British government has already missed the borrowing targets it set itself last month https://t.co/gbdV5LCamf
9.54am BST
Britain borrowed more than expected in the last financial year, in another blow to George Osborne’s attempts to eliminate the deficit.
The UK borrowed almost £74bn to balance the books in the 2015-16 financial year, according to new figures.
Osborne misses his 2015-16 full year borrowing target by £1.8bn: https://t.co/9BDj9pfxWe pic.twitter.com/1frWU6yX1K
9.45am BST
Discouraging news from the UK high street.
British retail sales slumped by 1.3% in March, much worse than expectations of a 0.1% decline.
Ouch! UK ONS: Monthly the quantity bought in the retail industry is estimated to have decreased by 1.3%. #GBP #GDP #BoE
9.37am BST
Most Asian markets have closed higher, although China dipped into the red:
Asian Closing Prices:#ASX 5272.71 +1.09%#NIKKEI 17363.62 +2.70%#HSI 21622.25 +1.82%#HSHARES 9248.4 +1.25%#CSI300 3160.60 -0.64%
9.30am BST
Today’s ECB press conference is unlikely to be as dramatic at last year’s ‘Glitter Bombing’, when protester Josephine Witt jumped on Draghi’s desk before being carried out.
“I told Mario Draghi … you can be very proud [of AfD’s rise].”
This #ECB meeting will be less exciting than the last. Still, expect a combative #Draghi + new words on corporate bonds, helicopter, Germany
8.52am BST
Mario Draghi could surprise the markets today by hinting at future interest rates cuts if growth and inflation don’t pick up.
So suggests Frederik Ducrozet, senior economist at Banque Pictet, the Swiss private bank.
I’m not saying he will have an easy ride, but he should stick with his own message…. no stress, and be very proud Mr Draghi.
*DUCROZET SAYS DRAGHI COULD SURPRISE ON FUTURE RATE CUTS TODAY
*DUCROZET SAYS GERMAN CRITICISM NOT BIG PROBLEM FOR ECB
8.33am BST
To see the concerns within Germany over the ECB’s ultra-loose monetary policy, just check the Bild tabloid today.
It asks: “Verbrennt Draghi unser Geld?”, or “Is Draghi burning our money?”, by cutting headline interest rates to zero and hitting banks with negative interest rates.
How do you tell it's #ECB day? By reading @BILD's headlines: "Is Draghi burning our money?" https://t.co/IdzCYtfedt pic.twitter.com/MV37aEovx6
Savers are paying the bill. Draghi (nicknamed Super Mario) is burning their hard-saved cash!
8.26am BST
European stock markets have mostly opened higher this morning, although many investors are sitting tight until they hear from Mario Draghi.
8.10am BST
Mario Draghi will face questions today about the impact of negative interest, and the idea that central banks could be forced to drop money from the skies to get inflation up.
We expect no action from the European Central Bank (ECB) when it meets this Thursday. However, we do think investors should pay close attention to ECB President Draghi’s words at the post-decision press conference.
He is likely to respond to three key questions that many in the markets, including us, would like answered. First, are current policy measures like negative interest rates doing more harm than good? Second, are more out-of-the-box policy options like “helicopter money” in discussion? Third, what is the ECB’s early take on longer-term growth and inflation?
Markets want answers to the charge that sub-zero rates are doing more harm than good, squeezing bank profits rather than spurring them to lend. ....
If markets are reassured that the ECB will only lower deposit rates further in the event of a deflationary shock, Eurozone banks shares may recoup some of their near 20 percent year-to-date losses and regain some of their confidence to lend.
7.55am BST
Stock markets across Asia have risen as investors wait to hear from Mario Draghi today.
Japan’s Nikkei led the charge, closing up 457 points or 2.7%. Australia jumped by 1% and Hong Kong has gained 1.7%.
#Japan's Nikkei ends up 2.7% at 17363.62 while Yen steady after BoJ has signaled to increase ETF purchases. pic.twitter.com/hLFJrX5FMp
7.39am BST
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
It’s ECB Day again. Over in Frankfurt, the governing council of the European Central Bank is gathering to set monetary policy across the eurozone.
No expected policy change at today's ECB meeting could mean Mario Draghi gets political by defending the bank against German criticism
Continue reading...