Comments from the ECB's Gabriel Makhlouf

  • Eurozone banking sector has been resilient so far
  • Asset quality to worsen

The euro is up a quarter-cent today and near the highs of the day but it's slowly dawning that much of the world is going to have a strong recovery and Europe will continue to muddle along. It's starting to feel like the financial crisis all over again -- something that started in the US and somehow left Europe in much worse shape.