European stocks surged the most in six months after the European Central Bank held its benchmark interest rate at a record low and said it’s ready to act if necessary as the growth outlook dims.

ECB President Mario Draghi said officials are ready to add more stimulus to the euro region’s economy if necessary, while damping expectations that another round of three-year funding for banks is imminent.

National benchmark indexes climbed in all 17 western European markets that were open. Germany’s DAX rose 2.1 percent, while the U.K.’s FTSE 100 gained 2.4 percent in its first day of trading this week after a two-day holiday for the royal jubilee. France’s CAC 40 also rallied 2.4 percent.

A measure of mining companies climbed the most of the industry groups on the Stoxx 600 after copper rose in London. Copper miners Kazakhmys Plc and Vedanta Resources Plc advanced 7.4 percent to 714.5 pence, and 9.1 percent to 963.5 pence, respectively.

Lloyds Banking Group Plc rose 5.2 percent to 27.05 pence after agreeing to sell 809 million pounds of Australian corporate real estate loans to a Morgan Stanley and Blackstone Group LP joint venture for about 388 million pounds in cash.

Royal Ahold NV paced declining shares, falling 4.2 percent to 9.18 euros after the owner of Stop & Shop grocery stores reported first-quarter earnings that missed estimates.