No rolling back on bank rules – ECB’s M.Draghi

At his speech at the European Banking Congress, Mario Draghi, President of the European Central Bank, said the time has come to end the regulatory bank agenda, adding that there should be no rolling back on bank rules.

President Draghi said the region continues to recover at a moderate, albeit steady pace. He stressed that the current recovery hinges on continuous monetary support.

Draghi noted the central bank remains committed to preserve a substantial magnitude of accommodation, while he added that inflation in the euro area should rise by an average of more than half a percentage point during the current year and 2017 thanks to the ECB measures.

He also reiterated the readiness of the ECB to use all available tools in order to achieve its inflation target.

EUR/USD remains around the 1.0600 neighbouhood for the time being, a tad higher that earlier 2016 lows in the 1.0580 region.