He’s here. Better late than never. Draghi: Euro area much stronger than people acknowledge today
I had him due at 09:30 GMT
Unfortunately he seems to be under the influence…..
- Progress has been extraordinary in last six months (yep, definitely been on the happy sauce)
- Last summit was real success because leaders said only way out of crisis is more Europe
- We think euro is irreversible
- Within our mandate ECB ready to do whatever it takes to preserve the euro
- “Sharing national sovereignty” on EU level to come
- Bank supervision to be established first
- Bank resolution to be established second
- ECB wants to break link between banks, national governments
- EU-wide deposit insurance fund to follow last
- Markets are acknowledging less strength in euro, progress than there is
- ECB wants to move within its mandate
- Not ECB’s job to act instead of governments
- Euro zone has power to defeat market speculation
- Change in euro-zone membership wouldn’t affect value of euro investments
- Euro zone wide supervisor will be estabilished fast and well designed
- New supervisor will essentially regulate banks
- Exact scope of supervision still to be defined
EUR/USD has ticked a little higher on Draghi comments, presently at 1.2150.
Sell orders remain 1.2160/70, stops through 1.2175.