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That sets September as a clear date for any move. The danger is that investors become too complacent, relying fully on accommodative monetary policy, and ignore the late-cycle risks that are lingering in the background. No discussion at all on rate cuts can be treated as a lack of urgency on the ECB side. Claus Vistesen , chief Eurozone economist at Pantheon Macroeconomics , said:. First question finally done. Topics Business Business live.

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The lingering uncertainty on various geopolitical questions is itself a realisation of one of the risks to growth, Draghi says.

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And now on to the questions. On the ECB decision: The German government needs to reverse course on fiscal policy to counteract high global risks and uncertainty. With muted inflation, that spells rate cuts. Summing up his opening statement, Draghi makes it clear that loose policy is here to stay, and follows with his standard call for some help from governments on the fiscal side. The lingering uncertainty on various geopolitical questions is itself a realisation of one of the risks to growth, Draghi says.

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