Fund managers have welcomed the European Central Bank's decision to leave rates unchanged against an improving European economic backdrop.

With the main European interest-rate at 0%, the ECB Governor, Mario Draghi, signalled a "lack of urgency" for any further measures to stimulate the economy, such as quantitative easing. The central bank said in December it would reduce its existing programme of QE bond purchases, from €80 billion a month to €60 billion.