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The banks are in much better position now than they were before the crisis.

Much more capital.

They're much more resilient.

One of the more important transmission mechanisms of monetary policy when rates get to very low levels is actually through the exchange rate.

What Africa People's Bank of China, the Central Bank of China is going to do in terms of its monetary policy will

have a big impact on markets.

Bloomberg surveillance, your link to the world of economics, finance and investment,

on Bloomberg Radio.

Good morning, I'm Michael McKee, along with Tom Keene.

It is 7 a.m. on Wall Street, 1 PM in Frankfurt,

where in 45 minutes the European Central Bank will announce its latest monetary policy decision.

What will Mario do?

We will have the decision and you'll hear from Senior O'Dreyi at 830 Wall Street time.

At all morning, we'll be looking at the possibilities and reaction here on surveillance.

Ahead of the decision, European stocks are mixed.

The stock 600 is up a tenth of a percent that's less than a full

...