Mario Draghi sticks to the baseline scenario of recovery in the second part of the year, and doesn’t really hint about any move. The president of the ECB meets the press in Barcelona after the ECB left rates on hold as expected. No discussion about interest rates. Monetary expansion is subdued. Baseline scenario of recovery in H2 remains unchanged: no rate cut. Inflation risks are balanced: inflation due to energy prices: will remain above 2% in 2012 and will fall later on. Exit strategy still premature. LTRO still needs to run its course. Deposit base strengthening in the most troubled countries. EFSF was a bad ... (full story)