The financial agreements being studied to create anti-crisis systems on European banks could prove inadequate. This is the concern of Mario Draghi, president of the European Central Bank. All this, according to the number one of the ECB, could make the decisions to be taken by the single banking crisis resolution system excessively complex.
“The next few days – said Draghi during a hearing in the European Parliament – will tell us if we can take another crucial step towards the banking union”.
The president of the central institute reiterated that the ECB is ready to evaluate "all possible instruments" of intervention on the weakness of the economy and inflation in the euro area, remaining within the scope of its mandate.
"At the beginning of 2014 we will announce the parameters" relating to the examination of the financial statements of the main European banks which will be conducted by the ECB", declared Draghi, adding that in the ECB's choices "there were no extraordinary measures for Italy".
And there is no shortage of a jab at the anti-euro movements and declarations, increasingly in vogue in this period. “CThose who think they can get out of the euro, perhaps to devalue the currency by 40%, are naïve. But do these gentlemen really think – Draghi metaphorically asked himself – that the others would accept a 40 percent devaluation without doing anything?”. “The euro is irreversible”, concluded the number one of the ECB – What one plans to get out of it is ephemeral. If a country thought of leaving the euro to avoid the necessary structural reforms, it would be very mistaken: on the contrary, it would have to carry out tougher reforms outside the protection of the euro”.
