The ECB used their Survey of Professional Forecasters (SPF) to watch for early Brexit fallout signs

  • Early survey showed no major inflation impact

  • Will be monitoring for further Brexit influences

  • If there are problems, ECB will use all instruments if needed

  • Bank equity prices are of some significance for policy makers

  • Next job is to address the problem of weak bank profitability
  • The problem for banks isn't one of solvency
  • NPL's are a problem for bank profitability

I guess he's ignoring the problems at banks like Deutsche Bank.

  • Public NPL backstop may be needed in exceptional circumstances (a fair few Germans just choked on their coffees)