Mike Ingram, chief market strategist at WHIreland, agrees that Mario Draghi was more dovish than expected today.

The pledge not to raise interest rates for at least a year has caught traders unawares. It has trumped the decision to end the bond-buying stimulus programme in December - which is why the euro has fallen, not risen, today.

Ingram explains:

The ECB has (conditionally) pre-committed to keeping interest rates at their current, extraordinarily low levels until at least the summer of 2019 and in any event ‘as long as necessary’.

This sort of language was not expected from the ECB until the end of the 2018 and was the most biggest dovish surprise for markets. Up until this point, markets had been expecting about a 40% change on an ECB rate hike in a year’s time.

Elsewhere in the markets, some extremely strong US retail spending figures have cheered investors.

US retail sales jumped by 0.8% in May, new data shows, and were up 5.9% over the past 12 months.

That suggests US consumers are confident, and spending accordingly. And it means the US economy could be running faster than thought - perhaps at a sizzling annual rate of over 4%.

This has driven the US dollar higher, and helped to pull the euro and pound down.

It’s official: Greece has just unlocked the next €1bn of its bailout programme, having satisfied its lenders that its meeting its targets.

Over in Athens MPs have just approved the last multi-bill of reforms the country will have to take before its bailout expires this summer.

It means fresh austerity and economic reforms for Greece, as our correspondent Helena Smith reports.

Final results saw 154 deputies vote in favour of the draft bill – which foresees more pension cuts, labour market regulations, health care measures and sell-offs in the energy sector – and 144 against.

The ballot took place in an atmosphere of growing political drama in Athens following the decision of the main opposition conservative party to call a vote of no-confidence in prime minister Alexis Tsipras’ government over its handling of the Macedonia name row, and an accord unveiled earlier this week, that will see the Slavic state being renamed the Republic of North Macedonia.

Addressing parliament, Tsipras said he welcomed the motion.

Here’s Danielle Haralambous, UK Analyst at the Economist Intelligence Unit, on the ECB’s announcement and press conference:

“Mr Draghi acknowledged that risks from an increase in protectionism and financial market volatility had become more prominent, but maintained a relatively positive view of the outlook, brushing off signs of softer economic growth in the euro zone that prompted quite a sizeable a downward revision to the ECB’s forecast for 2018, to 2.1% from 2.4% previously. However higher oil prices and rising domestic cost pressures meant that the bank’s forecasts for inflation went up to 1.7% in both 2018 and 2019, from 1.4% previously.

Against this backdrop the ECB felt ready to announce moves towards a less accommodative policy stance, albeit not an overtly hawkish one. Principal payments from maturing securities under the asset purchase programme will continue to be reinvested, and the forward guidance on interest rates demonstrates that the bank is planning to keep policy loose for some time. Mr Draghi added that the ECB stands ready to adjust all of its instruments if necessary.

We had expected the ECB’s net monthly asset purchases to be reduced in the final months of 2018 and now expect a first move towards policy normalisation in 2019, with an increase in the deposit rate, and a rise in the main refinancing rate in early 2020. The next rate hike will probably be delivered by the successor to Mr Draghi, whose term ends in October 2019.”

Jan von Gerich, chief strategist at Nordea Markets, predicts that the ECB won’t raise interest rates until the end of next year:

Candice Bangsund, vice president and portfolio manager at Fiera Capital, says today’s meeting had something for hawks and doves.

“Despite political turmoil in the Eurozone’s periphery and a recent soft patch of economic results, the ECB has set the stage for an end of QE later this year. Indeed, for the hawks, the ECB announced that it will taper the pace of monthly asset purchases after September (from €30bn/month to €15bn/month) and then end the purchase program in December.

“However, for the doves – the ECB tempered this stance somewhat by reiterating its pledge that interest rates will remain unchanged until the back-half of 2019 (“at least through the summer of 2019”) – which is slightly longer than markets were expecting.”

And finally, Draghi denies that the ECB plotted against the new Italian government by stopping buying its bonds last month.

There’s not conspiracy here, he insists.

That’s the end of the press conference.

Mario Draghi is declining to give more details about when eurozone interest rates might rise from their record lows.

It all depends when we achieve the necessary convergence, he says, adding tersely:

“If ‘through the summer’ meant September [2019], we would have said September”

Q: When might savers in the eurozone get some help from the ECB with an interest rate rise?

Draghi hits back, saying that savers benefit from the eurozone recovery - which more than makes up from the impact of low interest rates. The balance is vastly positive, he insists.

Draghi famously declared in 2012 that he would do ‘whatever it takes’ to save the euro.

He hasn’t lost that belief today, as he tells reporters that the euro is ‘irreversible’. He points out that 340 million people live in the eurozone, and more countries want to join.

Mario Draghi plays down the prospect that Italy creates a new eurozone crisis.

He says there was little “contagion” from Italy, and little “redenomination risk” (ie, that Italy leaves the euro and returns to the lira)

Draghi also plays down the political drama that unfolded in Rome this year:

We have 19 countries, we are bound to have 19 elections every now and then.

The important thing is that political changes are discussed within the current eurozone treaties, Draghi says.

Draghi says there has been much sacrifice and struggle in the eurozone, so it is important that the achievements achieved in recent years is not destroyed.

A reporter (rightly) ignores the warning not to ask about the allegations that Latvia’s central bank chief Ilmars Rimsevics has sought bribes.

Draghi refuses to comment about the case, but insists the ECB is not taking any sides.

Our mantra is to be patient, prudent, and persistent, declares Draghi.

He reveals that today’s decisions were unanimous.

Q: Why does the ECB think risks are broadly balanced? Where do you see upside risks?

Draghi says there is undeniably an increased risk in global political uncertainty [a downside risk].

But on growth, Draghi predicts “positive surprises” from the fiscal expansion in the United States, and - in the medium term - in the eurozone.

Onto questions (after a warning to reporters not to mention the corruption allegations against Latvia’s central bank governor - who isn’t allowed into today’s press conference).

Q: Do you expect to raise interest rates before you leave the ECB in October 2019?

Draghi says the ECB governing council didn’t discuss when they might raise interest rates, and then adds that economic uncertainty is rising.

He points out that eurozone growth slowed to 0.4% in the first quarter of 2018, down from 0.7% in the last quarter of 2017.

The ECB has also hiked its forecast for inflation this year and in 2019.

It now expects the price of living to rise by 1.7% per year, up from 1.4% previously. That’s due to the higher oil price.

That’s bad news for households (although the ECB will see it as a success, as it is aiming for inflation close to 2%).

Growth in the eurozone economy is solid, and broad-based, Mario Draghi says.

But growth had moderated due to temporary factors, he adds, such as weaker trade with the rest of the world.

We stand ready to adjust all our instruments as appropriate to ensure that we meet our inflation goals, Draghi continues.

That’s a reminder that today’s decisions aren’t set in stone - the ECB can change policy whenever it deems it appropriate.

Mario Draghi begins by saying that the governing council undertook a careful assessment of the progress of its asset-purchase scheme, and of the inflation situation.

The governing council concluded that there has been “substantial” progress towards a sustained adjustment of inflation towards the ECB’s target (of just below 2%).

He confirms what we already know - that the ECB will maintain its asset purchase scheme at €30bn per month until September, then drop to €15bn until December, and then stop.

Draghi also confirms that interest rates have been left unchanged at their record lows, and will remain there until “at least the summer of 2019”.

The ECB president declares:

Today’s monetary policy decisions maintain the current ample degree of monetary accommodation that will ensure the continued sustained convergence of inflation towards levels that are below, but close to, 2% over the medium term.

Some history: The ECB launched its QE programme back in early 2015, as policymakers tried to fight off the threat of deflation and persistently weak growth.

It began by buying €60bn of eurozone bonds each month -- despite opposition from some countries, such as Germany, who worried that the ECB could be monetising eurozone debt.

The ECB was late to the QE party - the Bank of England and the US Federal Reserve both moved much faster. But it made up for lost time by raising its bond-buying to €80bn per month, and extending the programme until this autumn.

Having originally planned to buy €1 trillion of bonds, the ECB has ended up expanding its balance sheet by over €2.6 trillion.

QE has been criticised for making the wealthy wealthier (as it pushes up asset prices). Central bankers, though, argue that it keeps unemployment down - and that politicians should address the ‘distributional consequences’ of their actions (perhaps through a wealth tax).

So, has QE worked? Well, inflation has finally moved close to the ECB’s target and unemployment is at a 10-year low. That looks like success.

Swiss bank UBS argued last week that QE actually saved the eurozone, by giving it a growth jolt at a vital time.

But you could argue that policies such as QE have also fed into the rise of populist parties, and helped European politicians to put off trick decisions about eurozone integration. Historians will give their verdict eventually....

Today’s decision is something of a surprise. Many economists had expected the ECB would delay a final decision on its QE programme until its July meeting.

But instead, Mario Draghi and colleagues have bitten the bullet and decided to stop buying eurozone government bonds with newly created money.

The governing council was split between hawkish members who argued that QE had run its course, and doves who worried at the eurozone economy wasn’t strong enough to cope without stimulus.

Carsten Brzeski says the council have reached a wise compromise:

Today’s meeting is in Riga, as part of the ECB’s policy of taking the governing council around the eurozone.

But it’s not great timing, as Latvia’s central bank governor instead fighting corruption allegations and is barred by national authorities from even entering the central bank #awkward

There’s more political drama in Greece; the opposition has called a no-confidence vote!

It’s related to the “Macedonia issue”. Earlier this week, the tiny Balkan state agreed to rename itself as the “Republic of North Macedonia” following negotiations with Greece (whose territory includes the province of Macedonia).

Macedonia’s president then pulled the plug on the deal, arguing that too many concessions had been made to Greece. But the Greek opposition also criticised the deal, given the importance of Macedonia (Alexander the Great and all that) in its history.

Back in the eurozone, Greek MPs are preparing to vote today on the last omnibus bill of reforms-for-rescue funds the debt-stricken country must take before its current bailout ends.

Helena Smith reports from Athens:

After being the focus of parliamentary debate for much of the week, the multi-bill will be voted on this afternoon. This will be the last time MPs are called to pass deeply unpopular reforms, or ‘prior actions,’ demanded of Athens if it is to successfully complete its last inspection review in time to exit the country’s third bailout in August.

It’s taken the best part of a decade but never again will they have to vote on pension cuts, labour market reforms and energy sector privatisations – all outlined in the bill – to secure the funds needed to keep Greece afloat.

Unions are NOT missing the chance to take to the streets in protest with a barrage of strikes being announced to coincide with the vote. Public sector workers have already begun amassing for a march on parliament.

The leftist-led government, however , is keen to rush through the legislation so that euro area finance ministers can begin discussing debt relief at their next meeting on June 21^st.

Addressing MPs, the country’s finance minister Euclid Tsakalotos insisted Greece would not be needing further aid in the form of a precautionary credit line when the foreign funds officially expire.

The governor of the Bank of Greece, Yannis Stournaras, has openly opposed that view saying a credit line “even if never used” is essential to the country’s post-bailout return to normality.

“There will not be a precautionary credit line so that you can call it a fourth memorandum,” Tsakalotos told opposition MPs earlier this week using the official term used to describe Greece’s bailout programs.

“What there will be is a system of enhanced surveillance without preconditions, without money and without other measures.”

The CBI’s chief economist, Alpesh Paleja, is also worried about the underlying trends in UK retail:

Jacob Nell, Morgan Stanley’s chief UK economist, cautions that “idiosyncratic factors” - including sunny weather and the Royal Wedding - flattered UK retail sales last month.

But still, the growth was broad-based:

The jump in retail sales last month is encouraging, but it won’t get Britain’s high street out of trouble.

So argues Ben Brettell, senior economist at Hargreaves Lansdown, who points to the relentless advance of internet shopping:

Despite today’s positive report from the ONS, news from individual companies continues to paint a somewhat gloomy picture for the UK’s bricks-and-mortar retailers.

House of Fraser and Poundworld are the latest names to run into trouble. With the most recent set of numbers from online fashion retailer boohoo.com showing a 49% jump in UK sales, it’s not difficult to work out where those high street customers have been going.

Ted Baker’s results earlier this week were notable for showing some positive growth, but even that was driven by a 33.6% increase in online sales. However, a good result from the UK wholesale business suggests that Ted’s higher price point and quirky style are helping to insulate it from the worst of the downturn.

That supports our belief that the names that survive the current turbulence will be those that treat high street shopping as a pastime rather than an essential. Just as the days of nipping out to the local bakers every morning is a thing of the past, so too is a trip to M&S for a white shirt and packet of socks – the artisanal shop looks like the future of the high street.

Ian Gilmartin, head of retail & wholesale at Barclays Corporate Banking, is encouraged by the jump in retail sales:

“Record breaking temperatures in May had shoppers running to the tills to stock up on food and drink, with DIY and garden stores also receiving a boost from the warm weather. The really encouraging aspect to today’s figures is the breadth of positive data, with growth posted across the different parts of the retail sector. We shouldn’t get carried away as it’s still very tough out there, but the truth is that despite continued rumours of the demise of our retail industry, many retailers are simply getting on with the job and continuing to attract customers through their doors.

Football fever could give retailers another lift, he adds:

Of course, we’re not going to have a heatwave and a Royal Wedding to help drive sales every month, but the World Cup kick off should help supermarkets in particular maintain this momentum over the next month or so.”

The recent pick-up in UK wages may also be driving retail sales higher, suggests Chris Williamson of Markit.

The unexpectedly strong UK retail sales figures have sent the pound sharply higher.

Sterling is up 0.5% at $1.344, as traders predict that an August interest rate hike is more likely.

More on the Meghan and Harry effect from the ONS:

Food stores provided a positive contribution to growth with supermarkets commenting on good sales in celebration of the Royal Wedding during good weather.

Today’s ECB meeting is the first since Italy’s new coalition government was sworn in, and began announcing policies that could breach Europe’s budget rules.

A clash is brewing between Brussels and Rome, even though Italy’s new finance minister has insisted the country is committed to the euro.

The ECB is often accused of being too political -- Mario Draghi regularly chides elected politicians to implement structural reforms.

But on this occasion, the governing council may be keen to take its big decisions on QE before a crisis blows up.

Bank of America Merrill Lynch say:

“We believe the ECB may be in a hurry to close the QE chapter,”

“We think this is essentially political, as the ECB would not want its monetary policy to be affected by claims of supporting or conversely impairing the new policy course in Italy.”