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Market Extra: Draghi signals Brexit risks, Italy woes not knocking ECB off normalization path

The European Central Bank is paying attention to Italy’s budget battle with the European Union and the chaotic negotiations around Britain’s exit from the 28-nation bloc, but neither event looks to knock it off its plan to wind down its bond-buying program and put monetary policy on the path to normalization.

At least not yet.

That was one of the main takeaways from ECB President Mario Draghi’s news conference Thursday. It followed a meeting of the Governing Council that reaffirmed plans to halt its already tapered monthly program of asset purchases in December while repeating that interest rates will remain at present, ultralow levels at least through next summer and that the central bank plans to keep reinvesting the proceeds from maturing bonds on its balance sheet for an “extended period” beyond the end of its bond-buying program.

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