ECB President Draghi ‘Really Very Concerned’ Over Hungary, Capital Markets ‘Opening’ Up

mario draghi ecb president

[credit provider=”AP/Riccardo De Luca”]

Mario Draghi, head of the European Central Bank, has concluded the month’s rate conference — where he left the benchmark unchanged at 1.0%.Below is a summary of the most important commentary at the session with reporters:

-Draghi said he was “really very concerned” about the continuing issues in Hungary involving pressures on the nation’s central bank.

-The ECB will change capital requirements for financial institutions before the next round of long-term refinancing operations to allow greater involvement. Last time, the bank injected €489 billion into Eurozone capital markets.

-The ECB governing council is calling for bold and ambitious structural reforms by governments to right the financial crisis. Key reforms should be rapidly carried out to “improve competitiveness … and enhance longer term growth potential,” Draghi says.

Full coverage of Draghi’s statements are below.