Draghi is speaking at European parliament:
- Expect ECB interest rates to remain at current lower lower levels for an extended period of time
- Significant improvement in banks’ funding has not yet Fed through to credit provision
- ECB monetary policy will remain accommodative for as long as necessary
- Deposit outflows in stressed countries have reversed
- OMT fully effective backstop within ECB mandate
- Key priority for fourth quarter is single resolution authority
The deposit outflow comment is interesting, that’s not something anyone is talking about.
