ECB announces first policy review in 16 years, but little expected to change

European Central Bank governor Christine Lagarde said Thursday the central bank would begin its first strategic review in 16 years. However, Lagarde's praise for negative interest rates and the stimulus programs from her predecessor, Mario Draghi, has investors betting the ECB holds rates at the current level of -0.5% for at least 18 months.

Quick take: The ECB left policy unchanged at Thursday’s meeting, and Lagarde said interest rates would only be raised from negative territory when eurozone inflation "robustly" meets the central bank’s target of just under 2%.

Go deeper: European banks could continue to disappoint investors