VISION NEEDED: Mario Draghi, head of the European Central Bank, said Thursday that the 17-country euro currency union is unsustainable in its current form. He told EU leaders they must quickly come up with a broad vision for the future to get the bloc through the current financial crisis.
Financial Times reports that the Swiss franc has decreased to its lowest rates in more than a year after investors used the moment of improved economic environment in Europe to leave the popular financial heaven during the debt crisis. The depreciation of the franc was one of the largest since 2011 when the Swiss National Bank interfered in currency markets in attempt to save Swiss exporters from large investments into the country by foreign investors.
By John M. Mason: Tuesday, a new player moves into the top rung of European officials dealing with the European financial crisis. Mario Draghi is not “new” to the European scene, but on Tuesday he takes over as the president of the European Central Bank replacing Jean-Claude Trichet, and so is “new” in this important position.
Treasury Secretary Timothy Geithner will meet with Mario Draghi, the head of the European Central Bank, in Germany next week. The meeting comes after Draghi sparked optimism about a resolution to Europe's financial crisis, saying he would do whatever it takes to save the euro.