EU economic czar Almunia says that European banks must disclose their toxic debts. There have been grave doubts in the markets that European banks have been as transparent as their US and UK counterparts in owning up to their bad assets.
EUR/USD is little changed on the US session as the ECB gave the market just what it expected: not much. The bank trimmed rates 50 bp but did not aggressively tout any near-term move to quantitative ease despite dire forecasts for growth and inflation over the coming two years.
Volumes are light after a service outage earlier in the session at EBS trimmed speculative interest.
