Draghi won't firm up his guidance

While the recent improvement in the euro-zone’s economic prospects suggests that a further cut in interest rates is unlikely in the near future, President Draghi will no doubt repeat the relatively vague pledge to keep rates at or below present levels for an “extended period of time”. With other central banks’ more specific policy commitments proving of limited effectiveness, Mr Draghi is unlikely to feel the need to harden up the ECB’s forward guidance.