Credit Agricole is a huge French banking group; their trading view on EUR/USD ahead of the European Central Bank
This is via eFX
.
In essence, the ECB will want to distinguish between retail and
wholesale banks in the Eurozone. The policy makers are reluctant to
penalize the retail banks that fund themselves mainly via domestic
deposits too aggressively given that this could increase the risk of
deposit flight. As a result, they could end up penalizing wholesale
banks more aggressively given that the threat of deposit flight is less
pronounced there.