Even with today's 3% surge – the most in a month – on the heels of Unicredit's CEO proclaiming that EU banks are “intensely” looking for fundin solutions, European banking stocks have collapsed for a 4th straight week for the worst losses since 2012.

Following the brief exuberance after Draghi unleashed his latest bazooka – which it seems was all front-run – European banking stocks have collapsed almost 20% – the biggest loss since April 2012.