ECB's Mersch

  • One has to ask if a bank cannot weather headwinds over a few years still has a sufficiently robust model
  • If low rates last too long, it could challenge the viability of the return guarantee business model
  • We are aware that our non-standard policies come with side effects
  • Eurozone recovery is underway

Translation: It's tough out there, get tougher and don't expect help from the ECB.