European Central Bank
(ECB) chief Mario Draghi cited late Italian president Carlo
Azeglio Ciampi in defence of monetary union Monday.
"I wish to quote...my friend and colleague's 2005 words to
the European Parliament: the euro is the greatest demonstration
of Europeans' desire for unity, and a force leading to political
integration," Draghi told a quarterly hearing before the
European Parliament's Committee on Economic and Monetary Affairs
(ECON).
"However, feelings of uncertainty arouse great concern: we
must not just await better times, but continue our efforts," he
said.
He also exhorted EU lawmakers to respond to citizens'
expectations by concentrating on their real needs, restoring
trust between Member States, and completing the process of
economic and monetary union.
"We expect eurozone recovery to continue at a stable and
moderate pace, but with less momentum than forecast in June,"
Draghi went on.
He said that on a positive note, the eurozone economy is
proving "resilient in the face of global political uncertainty"
especially in the wake of the June 23 Brexit vote.
Inflation continued weak this year at 0.2% on a drop in oil
prices and "weak wage growth" but is expected to rise to 1.2% in
2017 and 1.6% in 2018, the ECB chief said.
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