News Headline Summary

ECB's Draghi says single supervisory mechanism (SSM) to help restore confidence in Eurozone banking sector

Says:
- SSM will help to revive interbank lending, cross border credit flows and will have tangible effects for real economy.
- Medium term outlook for economic activity remains challenging.
- Some recent survey indicators stabilised at low levels.
- Q4 indicators signal further weakness.
- We expect very gradual recovery in H2 2013.
- Underlying pace of monetary expansion remains subdued.

Update details:

- The comments observed from Draghi are nothing out of the unknown, pretty much the same from the ECB president, hence no reaction in the markets on these comments.

Print 14:38, 17 Dec 2012 - ECB - Source: Newswires