Last week's ECB decision to cut the Refi Rate and the deposit by 25bp - respectively to 0.75% and 0% - was not enough to push up the European equity markets as the CB did not give any indication on a further easing of monetary policy in the months ahead. Indeed, during the press conference, ECB President Mario Draghi did not signal that a third LTRO for the commercial banks or a reactivation of the SMP is imminent. An important consequence of the ECB rate cut was the decline of the Euro versus the whole of major international currencies, and especially the U.S. Dollar: the EUR/USD fell below 1.23 for the first time ... (full story)