European Central Bank's (ECB) Governing Council member Yannis Stournaras told CNBC on Monday that the European banking system is well-equipped with capital.
The official said that the ECB will no longer provide forward guidance on interest rates, and its policy will be data-dependent from now on. Also, Stournaras suggested that ECB is close to the end of the tightening cycle. According to him, rate hikes are mostly a story of the past.