Draghi quotes Ciampi in defence of euro

(ANSA) - Brussels, September 26 - 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.