ECB chief Mario Draghi says worst of the eurozone crisis is over


Boasting that Europe is doing better than the U.S. on a number of economic indicators, including inflation and public deficits, European Central Bank chief Mario Draghi said on Wednesday that the worst of the eurozone crisis is behind us. Draghi was defending his plan for stabilizing European banks in an interview with the German Bild newspaper, the BBC reports:

… Draghi is credited with having deflected a much more serious crisis by lending European banks large sums at very low interest rates. Over two rounds, one in December and one in February, the Long Term Refinancing Operation injected more than half a trillion euros of new funds into European banks.

Analysts see Draghi’s interview with Bild as an attempt to assuage German voters, some of whom are skeptical of his loose monetary policy. According to Bloomberg, the Italian ECB chief also said that “investor confidence is back” in Europe and it’s now up to governments to “sustainably secure the euro zone against crises.”

Filed under:

Sign in to comment.