Opening Bell: ECB calms markets, Brexit stances harden, engineers want a repatriation tax break

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There were gains on Asian markets overnight, with the Nikkei 225 rising by almost 1% while the Shanghai Composite index recorded a 3% bounce.

The head of the eurozone's central bank says its banks are "more resilient" - although challenges remain. Mario Draghi admits there are still some legacy issues arising from the financial crisis.

But he insists real progress has been made in shoring up their balance sheets, "In order to make the euro-area more resilient, contributions from all policy areas are needed.

"The ECB is ready to do its part," he told EU officials yesterday.

These comments brought calm to international markets, Dublin's ISEQ closed up 161 points while the FTSE rose by 117 points.


The British Prime Minister held talks with the French president over plans to reform the UK's relationship with the EU.

The pair agreed that draft proposals provide a "firm basis" to agree to a deal at a crucial summit later this week.

David Cameron will be in Brussels later for talks with selected members of the European Parliament.

The UK hopes to secure support for its reforms at this week's EU summit, this would allow the UK to hold its in/out vote on EU membership during the summer months.

The Paris meeting came after EU Council president Donald Tusk said the talks on reforming the bloc are at a "critical" stage and there is a "real risk" that the EU could break up.

"It is high time we started listening to each other's arguments more than to our own.

"The risk of break-up is real because this process is indeed very fragile. Handle with care. What is broken cannot be mended," Mr Tusk said.


Engineers have called for the intorduction of a repatriation tax break to encourage Irish people living abroad to come back to work in the country.

A survey of 2,000 engineers by Team Horizon shows that this policy would be the most effective way for the next Government to bring workers back to Ireland.

This study was published as three leading representative organisations in the construction industry - the Association of Consulting Engineers of Ireland, Engineers Ireland and the Society of Chartered Surveyors Ireland - all raised concerns about the lack of graduates coming into the field.


French finance minister, Emmanuel Macron has argued that European industry should not have to pay for carbon permits, as it would make Europe less competitive.

He thinks the EU Emissions Trading System should be put on hold until other blocs agree to similar measures, otherwise he says that there will be a flight of industry out of the EU.

Mr Macron was responding to existing concerns for the European steel industry - and also says that areas like oil refinery will be affected.