Draghi: ECB bank loans averted ‘major funding crisis’
He also said the risk premium on eurozone government bonds was likely to remain high for an extended period, despite budget deficit cuts, economic reforms and moves to strengthen Europe’s fiscal discipline and financial firewalls.
Draghi said it was not yet clear whether the nearly €500 billion the ECB pumped into the banking sector in a cheap three-year liquidity operation was filtering through to companies and consumers.