Carsten Brzeski, European economist at ING, gives EU governments a 'B' to 'B+' grade for the Europe's planned banking union, which entails single supervision of banks by the European Central Bank and a system for winding down failed lenders. He also sees the first signs of growth throughout the EU, led by Germany. Brzeski also doesn't expect to see large-scale bond purchases by the ECB anytime soon, calling ECB President Draghi on his 'bluff.'

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