TD Securities' analysts note that the ECB President Mario Draghi opened the first full day of the ECB's Sintra conference with an extremely dovish speech on monetary policy.

• “In it, he hinted at upcoming policy easing and changes to forward guidance (as soon as July), if the economy does not improve, and said that all tools would be on the table, including rate cuts and further QE. He suggested that the ECB's 2% inflation target should be changed to a symmetric target, meaning that policy might need to be left looser going forward.”