As widely expected, the Governing Council, chaired by the Mario Draghi, offered no surprise when it announced no change to its key policy rates today, however disappointed a run of expectations pointing to further easy-money policies to boost growth in the euro area amid rising risk from low inflation - now at 0.50% - the lowest level in over four years. The three main facilities were set as follows:

- Main refinancing operations rates unchanged at 0.25%

- Marginal Lending rate unchanged at 0.75%

- Deposit rate unchanged at 0.00%

The latest inflation numbers were nothing but a leeway for policymakers to relax and weigh on somewhat upbeat stretch of economic stability seen in the past three months, ignoring mounting pressure from aboard to act, most notably from the International Monetary Fund.

Apparently, the ECB ignored the IMF’s warning over the risk of low inflation, and calls to boost fragile economic recovery showing signs of picking up steam.

ECB Vice-President Vitor Constancio said the low inflation could dent growth, there was no risk of deflation and that economic recovery would push prices up eventually.

Markets are bracing for an explanation by Draghi meeting the press for his monthly news conference in Frankfurt at 08:30 a.m. ET

As of the 11:47 a.m. in London, the euro bounced from a low of $1.3737 rising as high as $1.3777.