ECB wants governments to take action first

An MNI ‘sources’ story says the ECB is facing pressure to take more non-standard measures but it first wants governments to commit to financial integration.

• The ECB will wait for the EU summit at the end of June
• ECB more worried about Spain and Italy than Greece
• Spain is being urged to seek aid from the EU
• An ECB rate cut is not imminent but can’t be ruled out

No market reaction but it shows that the ECB is more dovish than it’s letting on.