ECB head making opening remarks at scheduled forum 7 Nov

Correction to original headline.

It's all about banking supervision so I'm not expecting any great revelations anyway

  • it's clearthat European supervision has been instrumental in building a stronger and more resilient banking secto
  • sees no sign of credit-fuelled housing bubbles
  • NPL problem not yet solved
  • EU supervision and mon pol are complementary
  • stronger supervision has improved the transmission of our policy impulses through banks.
  • Credit risk exposures in banks' loan books have declined as monetary policy has eased.
  • Default rates have fallen, and forward-looking measures also suggest a decline in credit risk.

Full remarks here

EURUSD currently back up to 1.1573 but EURGBP still trawling around session lows.

More order boards on their way.