ECB's Praet: Banks should not wait for an increase in the interest rates to boost their profits

Euro zone banks should not wait for an eventual increase in the European Central Bank's interest rates to boost their profits, but rather tackle their own issues, such as becoming more efficient, the ECB's chief economist said on Thursday.

Key quotes (via Reuters)

• It would be misguided for banks to wait for changes in monetary policy to come to the rescue
• Even in a normalization scenario, the pre-crisis banking world is unlikely to return
• Banks face new structural and technological challenges that they have to confront, in particular in terms of raising operational efficiency
• We must look through the noise when judging the best path