Arab Today, arab today ecb chief hails euro \relaunch\ at davos
Last Updated : GMT 01:30:09
Arab Today, arab today
Arab Today, arab today

ECB chief hails euro \'relaunch\' at Davos

Arab Today, arab today

Arab Today, arab today ECB chief hails euro \'relaunch\' at Davos

Davos - AFP

The head of the European Central Bank said on Friday that the embattled euro had been relaunched but that more had to be done to boost the eurozone\'s recession-wracked economy. Speaking to the world\'s top business and political leaders at the World Economic Forum in Davos, Mario Draghi also said that austerity measures being taken in crisis-hit countries were \"unavoidable\" despite the impact on growth. \"If one has to find a common denominator... for defining why 2012 is going to be remembered, I think one would say it\'s the year of the relaunching of the euro,\" Draghi said in his well-attended and hotly anticipated speech. Draghi outlined three \"extraordinary\" steps taken by European leaders and institutions to battle the three-year sovereign debt crisis that has pitched the 17-nation bloc into recession. Governments have pushed through structural reforms with \"urgency\" and these are \"now bearing fruit,\" said the ECB boss. European leaders had recognised structural flaws inherent in the single currency and were now pushing for greater integration.And finally, his own institution had undertaken actions that broke the monetary policy mould, including providing one trillion euros ($1.33 trillion) in liquidity for banks. The ECB also announced a programme to buy the bonds of debt-wracked countries which had proved \"very helpful\" in reducing the perception that the euro was on the point of collapse, Draghi said. However, he said it was too early to declare the battle over. \"Are we satisfied for that? I think to say the least, the jury is still out. Because all in all, we haven\'t seen an equal momentum on the real side of the economy and that\'s where we will have to do much more,\" he said. Nevertheless, Draghi hailed what he called a period of \"relative tranquility\" on the financial markets and said: \"All the indices point to a substantial improvement of financial conditions.\" \"It is a situation where you have what I called once positive contagion on the financial markets ... but we don\'t see this being transmitted into the real economy yet,\" complained the central banker. He forecast that the euro area economy would \"stablise\" at a \"very low level of activity\" this year, and predicted \"a recovery in the second part of the year.\"The European Central Bank has forecast the eurozone economy will contract by 0.3 percent this year but rebound to register GDP growth of 1.2 percent in 2014. Draghi urged governments not to let up on the momentum of reforms just because the pressure from the markets had been reduced. \"We can have a positive development if national governments would persevere in their actions, both in fiscal consolidation but especially now in the field of structural reforms,\" he said. Fiscal consolidation -- or reducing debt and deficit mountains -- was \"unavoidable\" he stressed, but he acknowledged that raising taxes and cutting spending tended to result in slower economic growth. Draghi concluded with a plea to the global elite not to underestimate the euro area economy, despite its woes. Notwithstanding the strife in weaker euro countries like Spain and Greece, the average levels of indicators such as productivity or inflation put the euro area in line with some of the best economies in the world, he said. \"We tend to forget the strength of the euro area economy.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ecb chief hails euro \relaunch\ at davos Arab Today, arab today ecb chief hails euro \relaunch\ at davos

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday