….”The aggregate profitability for the banking system has not been hindered by negative rates,” he said. That might be true, but it ignores the specifics that there are many euro zone banks whose profitability is being killed, thereby destroying their ability to foster economic growth by lending to businesses and households.
What Draghi can’t admit is that no matter how willing he is to do “whatever it takes” to defend the euro and the euro economy, he needs government help…..
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