The ECB took highly relevant decisions yesterday, referring to essential aspects such as interest rates, the setting of a mechanism to defend European sovereign bonds and the abandonment of the usual forward guidance on future monetary policy decisions. In addition, Draghi resigned as head of government in Italy. Both developments are of particular concern to markets and economic agents. In this note, we break down key foreseeable causes and consequences, and assess if and how our discounted forward-looking macro scenario changes.