Italian - Politician | September 3, 1947 -
If we do not resolve the euro crisis, we will all pay the price. And if we do resolve it, we will all benefit, particularly German taxpayers and savers.
Mario Draghi
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Interest rates do not have to be identical across the whole euro area, but it is unacceptable if major differences arise from broken capital markets or concern about a euro area break-up.
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There is no better protection against the euro crisis than successful structural reforms in southern Europe.
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Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area - and our independence.
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In the European context tax rates are high and government expenditure is focused on current expenditure. A 'good' consolidation is one where taxes are lower and the lower government expenditure is on infrastructures and other investments.
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Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. Believe me, it will be enough.
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I trust the people who are working with me. I delegate.
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