He’s here. Better late than never. Draghi: Euro area much stronger than people acknowledge today

Author: Gerry Davies | Category: News

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.

 

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