Busy times at the ECB right now

  • ELA may need to become a euros system task
  • may consider better rules for ECB role in Troika
  • must monitor financial stability risk very carefully
  • mon pol not first line of resistance against financial stability risk
  • too long period of low rates provides fertile ground for financial stability problems

Says the man ready to push the button on further monetary easing

It'll all end in tears

  • Eurozone recovery is slow but stronger and broader than in the past
  • ECB mon pol is proving effective
  • recovery taking place in previously stressed countries
  • recovery driven consumption and investment

EURUSD 1.0719 after finding buyers below 1.0700 but equally rally sellers into 1.0735 to fill the gaps caused by his earlier comments

Draghi - Has financial stability concerns