Good start from Draghi -- but much more to do
The good news is that European banks were able to borrow much more than anyone had expected from the ECB yesterday. They borrowed a total of €489bn of cheap three-year funding from the ECB as against the €300bn that had been widely predicted.
The bad news is that European banks are probably in even worse shape than most observers had suspected.
On the basis that the European economic glass is half full, it is now clear that, even after less than two months in the job, Mario Draghi is a huge improvement on Jean-Claude Trichet, his predecessor as ECB president.