Draghi in European Parliament

  • Financial conditions were resilient after the Brexit vote
  • Real economy resilient so far
  • Brexit consequences depend on length of uncertainty
  • Monetary policy has been effective
  • Low interest rates are a symptom of low growth
  • European banks suffer from overcapacity, duplication

Lately, the ECB hasn't been gently hinting that some M&A in Europe would be welcome.

Coeure is also speaking

  • Focus on QE implementation in all market conditions
  • Best ECB can do for bank is being 'tough'