Morgan Stanley on EU banks

"By taking bank funding risk off the table for a couple of years in Europe, the ECB has significantly reduced the risk of a systemic banking crisis, which we were highly concerned about in 2H 2011."

Read more: http://www.businessinsider.com/the-biggest-reason-everyones-still-underestimating-the-ecb-2012-1#ixzz1jvr3iIzG