News

Draghi Speech: No measures would be taken on issue of banks' sovereign exposure

The ECB President Mario Draghi is delivering his remarks as chair of the Group of Governors and Heads of Supervision (GHOS) in a press conference by the Bank for International Settlements, hosted at the European Central Bank in Frankfurt.

Key quotes (via Reuters)

No measures would be taken on issue of banks' sovereign exposure.

We are done with designing new rules.

Not still ready with the reform of the financial system, with the implementation of Basel III the work continues.

It was difficult to reach this compromise.

Key notes

EUR/USD steady below 1.1800 on US data.

EUR/USD remains entrenched into the negative territory so far this week although it seems to have found decent contention in the 1.1775/70 band for the time being.

Eurozone on a growth path - Westpac.

Most surveys, especially confidence, and activity data continue to point towards strong Eurozone growth but, two key releases undershot expectations in the past week, points out Tim Riddell, Research Analyst at Westpac.

About Mario Draghi

The European Central Bank's president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).