Are Disasters Lurking in European Banks? Who Knows?

Mario Draghi, the president of the European Central Bank, gave a generally upbeat speech on Thursday. “We have seen much progress in the banking sector of the euro area,” he told the Economics Club of New York.

“Looking forward,” he added, “we need to create full transparency about the risks on banks’ balance sheets.”

It appears they have a way to go before reaching that goal.

During the question period, Mr. Draghi addressed the coming European review of bank assets.

“I have,” he said, “no idea whether to expect major disasters or not.”