Mario Draghi: ECB ready to act if necessary
The European Central Bank (ECB) is willing to provide support to the Eurozone’s banking system if need be, its president Mario Draghi has said.
Mr. Draghi said that while financial authorities are ready to act if necessary, it is on the political institutions to take the lead, as they have recently become predominant over monetary policy instruments. Governments need to relinquish some powers over financial and economic policy to supra-national bodies, as per requirement of “strengthened foundations”.
Mr Draghi said that he and other top officials working on a longer-term vision for the euro and economic policy will have something “very soon… All the work we’re doing is with a view to the next [EU] summit” at the end of June.
“The outcome will get to be known pretty soon, in a matter of days,” he added.
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