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.
Emerging-market policy makers breathed a sigh of relief after the Federal Reserve left its asset-purchase program in full throttle this week. That much is obvious. What isn’t? That a certain central banker in Frankfurt also likely exhaled ever so slightly — Mario Draghi.
SINTRA (PORTUGAL): European Central Bank head Mario Draghi said that ``growth is too low everywhere'' in Europe despite a modest recovery. Draghi made the blunt remark as he opened a conference on the unemployment problem plaguing the 19 members of the European Union that share the euro currency. ``Recently, economic conditions have improved somewhat in Europe,'' he said at the ECB's conference on inflation and unemployment in Sintra, Portugal.
Earlier today, we noted that Germany (or at least the Finance Ministry) has thrown its support behind a Greek referendum on euro membership. The idea is that if Greeks vote to remain in the currency bloc, they are essentially also voting to accept that their lifestyles are about to get a lot more austere in exchange for Germany’s willingness to help the country avert an outright economic collapse.
Berlin (AFP) - The eurozone faces a growing risk of unstable prices, the head of the European Central Bank said in an interview published Friday, at a time when concerns are mounting the bloc could slip into deflation.