Comments from Mario Draghi in Washington:
- Capital inflows and reduction in excess liquidity reflect improving financial market conditions
- Will remain attentive to all developments that influence mon pol transmission
- Public backstops for bank asset quality review must be in place before ECB concludes assessment
- Have seen strong efforts to repair bank balance sheets in all Eurozone countries
Occaisionally I get the feeling the ECB knows that some banks in Europe are hiding big problems.
