ECB's Stournaras: Many eurozone banks underestimate credit losses due to pandemic

European Central Bank (ECB) policymaker Yannis Stournaras said on Friday that there is a widespread view that many eurozone banks underestimate credit losses due to the coronavirus pandemic, as reported by Reuters.

"The asset quality of European lenders will be in the epicentre of supervisory action this year," Stournaras further added.

Market reaction

These comments don't seem to be having a significant impact on the shared currency's performance against its major rivals. As of writing, the EUR/USD pair was down 0.27% on a daily basis at 1.2123.