ECB governing council member speaking in Madrid 25 May 2016

  • further big leaps forward in integration difficult

Not views shared by his colleague Villeroy or indeed many others who fear deeper and deeper ties.

  • part of growth problem may be institutional
  • Eurozone needs a mix of instruments to sustain growth
  • monetary stimulus is reaching its limits

Another reminder that the ECB really can only do so much.

  • sovereign debt restructuring mechanism may be needed in Eurozone

Meanwhile EURUSD back around 1.1150 as EURGBP rallies from 0.7600.