“It will embolden anti-political movements and this could affect yields in the periphery, something the ECB may have to act upon. “The ECB will probably be able to wait and see for some weeks,” said Frederik Ducrozet, an economist at Banque Pictet & Cie in Geneva. Instead, reality has intruded once again, this time in the form of the UK’s shock decision to leave the European Union. False dawnThis time, Draghi had reason to hope Sintra might be the occasion to celebrate the first signs that his policies are starting to bite. The European Central Bank’s annual forum in the lush Portuguese retreat outside Lisbon, which starts Monday evening, was intended as a laid-back event where central bankers and academic economists can thrash out the theories of monetary policy.

Source: Mint June 27, 2016 13:41 UTC