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Euro - zone economy is stabilising - ECB's Draghi

Thursday, 22 March 2012
European Central Bank President Mario Draghi believes the "worst is over" in the euro-zone debt crisis, German daily Bild Zeitung reported on its website Wednesday.

"The situation is stabilizing," though "there are still risks," the newspaper cited Draghi as saying.

Draghi said key figures such as inflation, trade balances and budget deficits "are better than in the U.S. for example," according to the report.

According to Draghi, euro-zone inflation has held at 1.5% for several months without counting oil prices and recent tax hikes, the newspaper reported.

"Should the outlook for inflation worsen, we will act immediately and preventively," he told the newspaper.

Draghi also said the recent euro-zone debt crisis had been "really critical" and could have led to a dangerous credit bottleneck and to bankruptcies of companies.

However, "the confidence of investors is returning," he said, noting that the ECB hasn't had to step in lately to lend its support by purchasing sovereign debt, according to the newspaper.

"The ball is now in the court of the governments," he said in the report, commenting that they need to take enduring measures to protect the euro-zone from further crises.

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