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21 July 2012

ECB President Draghi: Euro Is Indestructible

The euro is not in danger in spite of the worst-case scenarios of some analysts, stated European Central Bank President Mario Draghi.

In an interview for Le Monde Saturday, Draghi stated that such assesments do not take into account the political capital invested in the monetary union.

"They do not take into account the support by Europeans. The euro is irreversible," stated the ECB President.

Draghi further stated that according to him a closer fiscal, budgeting and political union within the EU is inevitable.

This, he said, will lead to the creation of new supernational political organs.

"In the future, the euro must stand on the basis of a stronger integration amongst eurozone countries," explained Draghi.