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Mario Draghi is speaking in Frankfurt and focusing on the banking union. The ECB is due to publish its stress test results on October 26th – a Sunday.

So far, there are no comments on monetary policy. However, Draghi speaks once again later in the day and could use that opportunity to talk about policy.

Recently, Draghi has been pushing governments to do more to revive growth and he also cowed to do everything to combat low inflation.

EUR/USD  traded just around 1.2650 towards the speech and seems  unmoved.

Here is a segment from the speech:

At the start of the economic and financial crisis, the case of Lehman Brothers gave us an important lesson: the risks of having only truncated information sets available for decision making are huge. I often hear that the coming of the Single Supervisory Mechanism represents a great challenge and a big opportunity to improve the information available for policy making. I would put it somewhat stronger than this. There is an absolute necessity to reap all benefits of an integration of the statistical and supervisory data world in order to be able to understand in a timely manner complex economic relations and developments.

More:  EUR/USD: Sell Bounces; USD/JPY: Long Against Key Support – Credit Suisse