The European Central Bank is facing tougher challenges than the US Federal Reserve, according to Governing Council member Yannis Stournaras, who sees a first rate cut in June. “The ECB has to deal with more difficult problems than the Fed,” the Greek central bank chief said Monday, citing fragmentation in the euro area’s banking system and the legacy of the region’s sovereign debt crisis. Turning to monetary policy, he reaffirmed that he favors small steps of 25 basis points and that the ECB should start in June — but not later, saying that “realism and gradualism need to guide our actions.” Most ECB officials have ... (full story)