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ECB head issues assurances on euro

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ECB head issues assurances on euro

Investors who are looking to transfer money to countries that use the euro have been issued with assurances on the future of the currency.

According to Mario Draghi, the governor of the European Central Bank (ECB), there are a number of challenges facing the euro at the moment, such as failings within the interbank market and liquidity problems across the continent.

However, he insisted the ECB is "ready to do whatever it takes to preserve the euro" and that this would be enough to safeguard the currency.

Mr Draghi also noted that the euro is in a "much, much stronger" position than many people readily acknowledge.

Indeed, he stressed that the eurozone compares favourably to places such as Japan and the US when it comes to productivity, employment and inflation over the last decade.

Furthermore, Mr Draghi noted that the deficit currently facing the financial bloc is actually lower than those in these two countries.

The ECB governor also said the level of progress that has been made in the last six months has been "extraordinary", as members of the euro area are now in a much better state than they were then.

Mr Draghi's comments have triggered a positive response from investors, which in turn led to a rally on the stock markets.

Gary Jenkins of Swordfish Research pointed out that the financial official did not actually say much more than he had done in the past, the Guardian reports.

However, he said the speech combined the "best bits" of all that he has said in the last few months and was delivered with "gusto". Mr Jenkins said this means that it was enough for the ECB governor to get the "applause of the audience that he craved".

"Yesterday was probably about short covering/index realignment than a fundamental shift in the confidence level of investors," he added.

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