–Adds fuller Draghi quotes
ROME (MNI) – European Governing Council member Mario Draghi said
Friday that he was happy about the growing consensus in Europe to
publish the results of bank stress tests, and he made clear Italy
would publish the tests of its banks.
“We are glad to see there is a growing consensus in Europe to
publish the bank stress tests,” Draghi said in opening remarks at a
conference hosted by the Bank of Italy, which he heads. “We are going to
do it in Italy. Countries with good banks have everything to gain from
publishing these results.”
He added: “Not to show how things are is one of the major forces of
contagion and uncertainty in the EU. We have to be transparent. We have
everything to lose by not showing how things are. Clients want to know
where they are investing.”
Draghi also warned against protectionism in trade, noting that in
the past couple of years many countries had implemented protectionist
measures, including discriminatory anti-dumping duties on goods from
low-cost exporters like China, and measures to support domestic
industries.
“Protectionism remains the wrong answer, all the more at the
present juncture,” Draghi said. “Trade is a powerful engine of growth.”
[TOPICS: M$$EC$,MT$$$$,M$X$$$,MGX$$$,M$$CR$]
