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ECB's Draghi says euro "irreversible"

(Xinhua)

10:08, December 20, 2011

BRUSSELS, Dec. 19 (Xinhua) -- European Central Bank (ECB) President Mario Draghi on Monday expressed his confidence in the euro and its strength, while refuting "catastrophic scenarios" for the single currency.

"I have no doubt about the strength of the euro. The one currency is irreversible," Draghi told an economics committee at the European Parliament.

"But you have a lot of people who spend a lot of time in speculation, and they all have catastrophic scenarios for the euro," added the ECB president.

Draghi also hailed the "fiscal compact" agreed at the European Union summit on Dec. 9 as "an essential signal, showing a clear trajectory for the future evolution of the euro area."

He said the ECB welcomes the "compact" which would enshrine strict fiscal rules in national legislation and make them enforceable by the European Court of Justice.

"All of this should contribute to making public finances in the euro area credibly robust," Draghi said.

 
 
 
 
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