European Central Bank
President Mario Draghi said Monday that bank stocks had been hit
particularly hard by the recent turbulence on the markets
because the financial sector is particularly sensitive to the
weaker economic outlook. "Since the start of December a
deterioration in economic sentiment has accelerated and become
more volatile and susceptible to rapid changes," Draghi told the
European Parliament. "In this climate, stock market prices have
dropped and bank shares have been hit particularly hard, both
globally and in Europe, reflecting the sector's high sensitivity
to weaker-than-expected economic prospects".
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