European Central Bank President Mario Draghi said Saturday he sees “signs of optimism” in the eurozone economy owing to progress made in improving stability in the banking sector.
Speaking at a press conference held on the sidelines of annual meetings of the International Monetary Fund, Draghi pointed to such factors as the “resilience” of eurozone banks to the region’s debt crisis and some progress made in realizing Europe’s single supervisory mechanism as part of the banking union.
“The situation is much better than the beginning of this year,” he said.
But he noted it still remains “challenging.”
European Commission Vice President Olli Rehn echoed the
ECB chief’s optimism in the press conference, saying he is “less pessimistic” about the future course of the eurozone economy than he was some months ago as the region now has effective tools “to repair damage done to the European economy” such as the banking union.