Draghi: Euro Area Much Stronger Than People Acknowledge Toda

[epicresearch]

Progress has been extraordinary in last six months (yep, definitely been on the happy sauce)
Last summit was real success because leaders said only way out of crisis is more Europe
We think euro is irreversible
Within our mandate ECB ready to do whatever it takes to preserve the euro
“Sharing national sovereignty” on EU level to come
Bank supervision to be established first
Bank resolution to be established second
ECB wants to break link between banks, national governments
EU-wide deposit insurance fund to follow last
Markets are acknowledging less strength in euro, progress than there is
ECB wants to move within its mandate
Not ECB’s job to act instead of governments
Euro zone has power to defeat market speculation
Change in euro-zone membership wouldn’t affect value of euro investments
Euro zone wide supervisor will be estabilished fast and well designed
New supervisor will essentially regulate banks
Exact scope of supervision still to be defined