A rate-hike response by the ECB would not have achieved much and would have been counter-productive in slowing European growth.
More Quotes from Alison Cottrell:
I don't think the ECB will cut rates today simply because they're still trying to get a grasp on what happenings in the EMU economy and secondly because the softer euro is doing some of the policy relaxation for them.Alison Cottrell
The problem is that the markets were so pessimistic at the start of the year that they now risk overshooting in the other direction. If these heightened expectations take hold, there is a danger that they could push up the euro too fast.
Alison Cottrell
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