The European Central Bank has kept interest rates unchanged this week, with ECB president Mario Draghi suggesting financial markets had weathered a spike of uncertainty and volatility following the UK's Brexit referendum. Key ECB interest rates are expected to remain at present or lower levels for an extended period of time and well past the horizon of the net asset purchases, which are intended to run until the end of March 2017 or beyond, if necessary. Mr Draghi is reported to have said that "headwinds to the economic recovery in the euro area include the outcome of the UK referendum and other geopolitical uncertainties...Against this background, the risks to the euro area growth outlook remain tilted to the downside”.