ECB is one of the very few that do not publish minutes of its meetings. Current rules mean they are published 30 years after rate decisions are taken. Other banks, such as the Bank of England or the US Federal Reserve, publish their minutes with a time lag of some weeks. On the eurozone, Draghi suggested that economic indicators showed that it had come through the worst of the crisis. He also indicated that the low interest rate is to be kept in place for the foreseeable future using "forward guidance" language, first introduced at a press conference last month. The move is a bid to signal to markets that the ECB will keep rates slow enough to spur economic growth, amid tentative signs of economic recovery. Asked to compare the situation to this time last year, when the eurozone was in the throes of the crisis, Draghi said: "All in all the picture seems to be better from all angles than it was a year ago." Draghi said that looking beyond the game-changing promise he made a year ago to do "whatever it takes" to save the euro, single currency states had made "significant" progress in policy implementation over the 12 months. He singled out reform efforts undertaken in bail out countries Greece, Ireland and Portugal and noted the labour market reforms in Spain.

"Look at the results," he said. "If you look at structural improvements, all across the board I don't think you can find a country which hasn't improved."

"Look at current account surpluses - the actual figures are quite impressive ... you have strong increases in exports, not just in Germany but in Spain and Italy."

MORE HOT AIR .... basic nothings...

BRUXELLES - "We affirm that it is imperative to break the vicious circle between banks and sovereigns,” said a summit statement.

Relief for Spain was accompanied by a pledge to begin purchases of Italian bonds using EU bailout funds to reduce Italy’s borrowing costs with a lighter set of conditions, based on meeting Brussels fiscal targets rather than intrusive IMF oversight.

A promise was also made to “examine the situation of the Irish financial sector” offering possible relief to Ireland by relieving the government balance sheet debt burden.

The Spanish bank bailout, to be agreed on 9 July, will initially use the euro’s European Financial Stability Facility (EFSF) before it is transferred into a new permanent fund later this year.

When the transfer takes place to the European Stability Mechanism the new loans will not be given seniority, giving extra security to Spain’s creditors.

After the ECB takes over eurozone banking supervision next year then the Spanish bailout will “very rapidly taken off balance sheet” and directly loaned to banks reducing Spain’s debt burden and borrowing costs....

More reaction to the summit: Ratings agency, Fitch, said the summit eases near-term pressure on euro sovereign ratings. Here's a taster of Fitch's statement: Our initial assessment of the summit of EU leaders held in Brussels this week is that it has exceeded expectations, although these were low, and marks a positive step that eases near-term pressure on eurozone sovereign ratings. ...Eurozone leaders' decision to create a 'single supervisory mechanism' for banks is an important step towards ensuring the long-run viability of the euro. Once such a mechanism has been created, the soon to be established European Stability Mechanism (ESM) could recapitalise banks directly. In Fitch's opinion, the creation of a single pan-eurozone bank supervisor with the power to intervene and, if necessary, directly capitalise banks could greatly improve the functioning of Economic and Monetary Union (EMU). The International Monetary Fund has commented on the decisions made at last night's summit. It "strongly welcomes" the decisions by the European Council, saying the steps will help to break the feedback loop between banks and sovereigns. It adds the decisions are "the right steps" towards completing monetary union. The Bundestag's lower house has also approved the ESM bailout fund. Reuters says that the lower house of the Bundestag has approved the fiscal compact as well .

The most powerful department within the Romanian National Securities Commission (CNVM)

The Romanian National Securities Commission (CNVM) has changed its management

The most powerful department within the National Securities Commission (CNVM) has changed its management: Vladimir Cojocaru, one of the survivors of the SAFI and FNI scandals, has been replaced as head of the General Supervisory Department by Ciprian Copariu, former head of the Issuers Department.The main responsibilities of the National Securities Commission are the supervision and monitoring of investors and companies active on the capital market. Weaknesses in the exercise of these responsibilities have enabled situations like the SAFI Invest fraud, and the historic FNI and FNA bankruptcies to occur, scandals that severely tarnished the image of the local capital market. The move comes only a few weeks after a historic decision of the High Court of Justice in the FNI case. More specifically, on September 22nd the High Court of Cassation and Justice issued an irrevocable and enforceable decision whereby the CNVM, alongside Nicolae Popa, Ioana Maria Vlas, and other accused in the FNI case, is forced to pay damages to former FNI depositors. The amount that CNVM is set to pay for inadequate FNI supervision is 50 million euros, according to some estimates.