That’s not good news.
- Says survey indicators confirm expected slow recovery
- ECB’s legal service agrres with EU lawyers that single bank resolution agency can be set up within existing EU treaty
- ECB’s legal opinion on SRM due in autumn
- ESM could lend to resolution fund and be paid back from banks later
- ESM can function as backstop for resolution fund before enough money accrues from bank contributions
- ESM may be allowed to lend to SRM fund in the future
- Draghi will answer asset-review questions in October
Olli Rehn
- France has much more to do on economic reforms but has begun substantial program on reforms
- EC assessing Spanish pension reform
- Too early to say how Spain will exit program
Dijsselbloem
- Nov 22nd Eurogroup meeting will discus national budgets