Banks first, then growth, says Draghi (Photo: EPP Group)

Euro is 'irreversible' and 'permanent', says ECB chief

The euro is "irreversible" and will overcome the crisis, European Central Bank chief Mario Draghi said in his first appearance in front of the European Parliament's economics committee on Monday (19 December), while making the case for austerity and fiscal discipline.

In line with Berlin and the ECB's own stance so far, Draghi rejected calls for his institution to step in majorly to alleviate the borrowing costs of Italy and Spain, which in turn would help them restore economic growth...

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