European policymakers have the tools and the intelligence to retain influence in Ukraine, but they would need to look to Mr Mario Draghi to find the right model for deploying them, write Jorge Mariscal and Nick Rice.
For the first time since the financial crisis struck in 2008, the European Union is carrying out stress tests that could force change at banks with strong political connections, such as Germany's regional banks - the "Landesbanken".
Greece wants the European Central Bank's health checks on its four biggest banks later this year to take account of their new restructuring plans rather than being based on last year's balance sheet data alone, a Greek finance ministry official said on Monday (28 July).
A further slowdown in eurozone inflation in May was confirmed on Monday (16 June), as the cost of telecommunication and food kept prices low, confirming a problem that the European Central Bank recently sought to stem.
The European Central Bank cut interest rates to record lows on Thursday (5 June), imposing negative rates on its overnight depositors to cajole banks into lending more and to fight off the risk of Japan-like deflation.