European Central Bank President
Mario Draghi said Thursday that the ECB "remains determined to
protect the euro".
In comments at the inauguration of the ECB's new role as
the direct supervisor of major eurozone banks, Draghi added that
"the fragility of the banking sector is an important risk that
must be addressed directly".
He added European authorities must continue to prepare for
the future.
"We have to look ahead and prepare for future developments
towards a real economic and monetary union".
The new single supervisory mechanism (SSM) based in
Frankfurt was born of the global economic crisis, which showed
dramatic weaknesses in the financial services sector.
Some European financial markets fell after Draghi's
comments, with Milan's FTSE Mib dropping by 0.91% near the close
of the trading day.
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