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ECB chief Mario Draghi says worst of debt crisis in Europe ‘is over’
European Central Bank President Mario Draghi said the worst of the sovereign debt crisis is over, Germany’s Bild newspaper reported, citing an interview.
22 March 2012, 12:00am
Investor confidence has returned and "the ball is now with governments," Draghi said, according to Bild. "They must sustainably secure the euro zone against crises."
Draghi also said Germany is a "role model" in Europe, and the ECB's 23-member Governing Council, which contains two Germans, has "internalized" Germany's stability culture, Bild reported. Draghi shares Bundesbank President Jens Weidmann's concerns about the risks the ECB has taken and there is no north-south divide on the council, the newspaper said.
If the inflation outlook worsens, the ECB "will immediately act pre-emptively," Draghi said, according to Bild. However, if oil and tax increases are taken into account, inflation remains stable at around 1.5 percent, he said. The ECB's lending to banks won't fuel inflation, Draghi was quoted as saying.
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