Mario Draghi: The euro is irreversible

President of the European Central Bank Mario Draghi speaks at a press conference after a meeting of the ECB Governing Council in Riga, Latvia, on 14 June 2018. [EPA-EFE/VALDA KALNINA]

Despite concerns over a potential new euro crisis due to Italian political instability, the president of the European Central Bank, Mario Draghi, believes the currency is strong. EURACTIV’s partner La Tribune reports.

Mario Draghi, the president of the European Central Bank (ECB) wanted to put things into perspective in regard to the risks of a euro area implosion amid political instability in Italy. In Riga for the meeting of the Governing Council of the ECB on 14 June, ‘Super Mario’ once again voiced his firm trust in the single currency.

“The euro is the currency of 340 million people and enjoys now the support of 74% of citizens across the euro area. And more countries want to join the euro today,” Draghi told a press conference following the meeting.

“You can draw your own conclusions, but one of these conclusions is that the euro is irreversible because it is strong, because people want it and because it is of no benefit to anybody to discuss its existence,” Draghi added.

Some investors believe that the new Italian government, led by populist parties hostile to the euro, will want to leave the single currency.

“We should not overdramatise policy changes,” said Draghi, who had served as governor of the Bank of Italy from 2006 to 2011.

Several members of the Italian government have recently worked to reassure the markets by pledging their commitment to the single currency.

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