No rolling back on eurozone bank sector regulation – ECB’s Draghi

At his speech at the European Banking Congress, Mario Draghi, President of the European Central Bank, said the time has come to end the regulatory bank agenda, adding that there should be no rolling back on bank rules.

Re-regulation has led to improved euro area banks' solvency and asset quality, also helping Europe start is drive to reduce non performing loan levels. New Basel III rules are due to be finalised in January and come into force in 2019 after years of hard fought negotiations.

"The focus should be on implementation, not on new design. Regulatory measures should be implemented in a balanced way that ensures a level playing-field globally. And while marginal adjustments are possible, there should be no rolling back on what has been decided," said Draghi.

President Draghi said the region continues to recover at a moderate, albeit steady pace. He stressed that the current recovery hinges on continuous monetary support. Draghi vowed to maintain a substantial magnitude of accommodation to fan inflation. He added that inflation in the euro area should rise by an average of more than half a percentage point during the current year and 2017 on ECB measures. He reiterated ECB's readiness to use all available tools in order to achieve its inflation target.

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