ECB Draghi Pleased With EU’s ‘Great Progress’ On Banking Union Deal

European Central Bank (ECB) President Mario Draghi hailed the “great progress” made “for a better banking union” on Thursday, after the European Union agreed to complete the region’s banking union.

Negotiators agreed to create a new agency to shut euro zone banks that are too weak to survive and a fund to help cover the costs, according to a draft agreement.

All-night talks ended a stand-off between the European Parliament and euro zone countries over the new scheme, completing the second leg of banking union after supervision by the ECB.

“It’s a very good agreement, its progress…We need a mechanism which is properly funded and the agreement actually improves on the pre-existing funding, and it’s also a clear reference to enhanced borrowing capacity from the market by the fund,” Draghi told CNBC on Thursday.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu