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ECB chief says euro zone on right track

Reuters - Dec 15, 2011

Europe's top central banker said on Thursday that euro zone governments are on the right track to restore market confidence but reminded them that an emergency program to buy their bonds was "neither eternal nor infinite".

Mario Draghi's comments came after a smooth Spanish bond auction eased fears of an accelerating slide in European markets following a summit last week that failed to reassure investors the single currency area is closer to resolving its debt crisis.

The European Central Bank chief said in a speech in Berlin that the 17 euro zone governments "are now on the right track and they are right in implementing budgetary consolidation resolutely.

"The unavoidable short-term (economic) contraction may be mitigated by the return of confidence," he said.

Read Full Article from Reuters

- Posted: 2011-12-15 12:02:34


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