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Saturday, July 21, 2012

Draghi says euro not in danger

International Monetary Fund's Managing Directo...
International Monetary Fund's Managing Director Dominique Strauss-Kahn (L) talks with , European Central Bank President Jean-Claude Trichet (C) and Italy's Governor Mario Draghi (R) prior to the start of their G-7 meeting at the Istanbul Congress Center (Photo credit: Wikipedia)
European Central Bank President Mario Draghi said that the euro was not in danger despite some analysts' worse case scenarios for a break-up and said that greater financial, budgetary and political union among euro zone countries was inevitable. Asked in an interview with French newspaper Le Monde if the euro were in danger, Draghi said: 'No, absolutely not. We see analysts imagining the scenario of a euro zone blow-up.''They don't recognise the political capital that our leaders have invested in this union and Europeans' support. The euro is irreversible,' he added. In the long term, the euro would need to rest on a foundation of greater integration among euro zone countries, Draghi said. 'All movement towards financial, budgetary and political union is for me inevitable and will lead to the creation of new supranational bodies,' he said. European leaders took a step towards greater integration last month at a Brussels summit where they agreed to put the ECB in charge of supervising banks and gave the ESM rescue fund the power to recapitalise troubled banks. ... Continue to read.
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