Euro zone: summary of ECB president's speech today in Amsterdam

Mario Draghi spoke today to an audience of students at the University of Amsterdam, inconsequential for the EUR/USD even though you could feel a little downward pressure due to some of his comments.

The ECB President said his institution did not want to help insolvent banks, a way of saying that it will not be an "open-bar" when the ECB will officially obtain the responsibility of overseeing the entire European banking sector.

The governor also reiterated that monetary policy could not solve the roots of the crisis and that this monetary policy was having difficulty transmitting to the other end of the chain with respect to rates for companies and individuals.

Mario Draghi nevertheless reassured listeners by stating that the ECB will continue to support the euro zone as part of its mandate and that monetary policy would remain accommodative.

Mario Draghi once again did not rule out the possibility of a rate cut.