6/14/2018, 3:32 PM (Source: TeleTrader)
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Eurozone is irreversible, says Draghi

President of the European Central Bank (ECB) Mario Draghi said in a press conference on Thursday that he sees the Eurozone as an irreversible achievement that more countries are striving to join due to its strength.

Commenting on the political developments in Italy and the effect of recent political uncertainty, the policymaker said that political changes across euro area countries shouldn't be "dramatized." He stressed that it's important that discussions on differences occur within the existing treaties and that they don't destroy the progress that has already been achieved. Draghi acknowledged that there's been a "significant rise of government yields amid political uncertainty," namely in Italy. "We haven’t seen significant contagion from Italy," he added. In regards to redenomination risk, Draghi said that there have been "new safeguards from redenomination risk" introduced.

ECB president stated that policy options, except for tapering, haven't been discussed on the board.

Breaking the News / NI