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Eurozone in need of better management | Reuters

ROME (Reuters) - The fragility of the euro zone economy and public finances underline the need to extend and strengthen euro-wide economic management, European Central Bank Governing Council Member Mario Draghi said on Saturday.

"The euro is solid," Draghi told a gathering of market operators in Naples," but he called on the EU to extend and reform its economic structures "with the same vigour it devoted over the years to consolidating government budgets."

Draghi said investors will buy new securities issued by Greece, whose debt crisis has roiled markets in recent weeks, so long as the government "adjusts its budget with determination, with careful monitoring by the European Commission and the ECB."

More broadly, he said all governments should spell out how they plan to rein in budget deficits and debt levels which surged during the recession of 2008 and the first half of 2009.

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Feb 13th, 2010 at 12:51:32 PM EST
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