Lagarde speech: Eurozone banks' exposure to Credit Suisse is in € millions, not billions

European Central Bank (ECB) President Christine Lagarde told European Parliament's Committee on Economic and Monetary Affairs on Monday that Eurozone banks' exposure to Credit Suisse was in Euro millions, not billions, per Reuters.

"Vulnerabilities in the non-bank financial sector could exacerbate volatility and asset price corrections," Lagarde further noted. "Individual financial institutions should carefully preserve their current levels of resilience, to ensure that they could weather a potentially less favorable environment."

Market reaction

EUR/USD holds its ground in the American session and was last seen rising 0.5% on the day at 1.0720.