ABU DHABI (MNI) – All industrialized nations are confronting major
challenges, European Central Bank President Mario Draghi said Thursday,
cautioning that the crisis is ongoing and needs rapid implementation of
decisions taken.
The “sovereign debt crisis is the epicenter of global tensions,” he
said, opening a seminar between the central banks of the Eurosystem and
the Gulf. “All major advanced economies are facing severe challenges.”
Although “euro area fiscal accounts are stronger than those of the
U.S.” and Japan, Draghi called for countries to respond to the crisis by
continuing fiscal consolidation “and by undertaking deep structural
reforms to enhance competitiveness.”
Noting the decisions taken last month by EU leaders to address the
crisis, Draghi asserted that “the crisis has not ended yet. It is now
important to swiftly implement all the decisions to put the euro area
economy back on course.”
One of the “key lessons” of the crisis is “to make financial
systems more resilient,” he said.
–Frankfurt bureau tel.: +49-69-720142. Email: dbarwick@marketnews.com
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