The President of the European Central Bank, Mario Draghi, is upbeat about future. He believes “darkest clouds” over the Eurozone disappeared thanks to drastic steps taken in 2012.
“We can begin 2013 on a more confident note, precisely because significant progress was made during 2012,” Draghi said giving a speech in Frankfurt yesterday.
Mr Draghi has no doubt that the three-year long crisis is coming to its end and in 2013 the Eurozone will finally get over the relentless recession.
“The darkest clouds over the euro area subsided. Europe’s leaders recognized that monetary union needs to be complemented by a financial union, a fiscal union, a genuine economic union and eventually a deeper political union,” the ECB President added.
The ECB expects the Eurozone economy to advance by 0.3% in 2013. Mario Draghi thinks the gradual recovery is just about to commence. Stricter regulations introduced to control Eurozone finance paired with structural reforms are likely to bolster the competitiveness of European economies.
“We need patience. I am very well aware that for many people in the countries under adjustment, the personal economic situation can be very difficult. But there is simply no alternative to the path of reform,” Draghi said.
