ECB Intervention? Not anytime soon

The ECB didn’t do much yesterday at its monthly Interest Rate Meeting.  Even Mario Draghi in his accompanying press conference appeared to be pushing off making any formal statements about the future other than to say the the ECB’s LTRO was working.  The meeting which is usually delivered on a Thursday was pushed ahead to Wednesday due to the upcoming Good Friday holiday.  As such, many analysts were joking that the ECB’s lack of actions at the meeting indicated that they were already on vacation.