Eurozone banking system now more resilient, ECB chief says

European Central Bank (ECB) head Mario Draghi says some eurozone banks "face challenges" but the system is more resilient due to oversight that was strengthened after the global financial crisis.

Mr Draghi said banks were in a position to bring down the amount of bad loans burdening their finances "in an orderly manner over the next few years".

His comments in the European Parliament follow a week of violent swings in the stock prices of major European banks including Deutsche Bank and Societe General.

Some banks faced challenges from litigation and restructuring costs as well as working off soured investments, Mr Draghi added.

The ECB carried out a wide-ranging check of bank finances in 2014 and Mr Draghi said that had forced them to strengthen their finances.