ECB’s Draghi pledges to do whatever needed to save euro

by on July 26, 2012 10:31 am BST

LONDON, July 26 |
Thu Jul 26, 2012 6:31am EDT

(Reuters) – European Central Bank President
Mario Draghi pledged on Thursday to do whatever was necessary to
protect the euro zone from collapse, including fighting
unreasonably high government borrowing costs.

“Within our mandate, the ECB is ready to do whatever it
takes to preserve the euro. And believe me, it will be enough,”
he told an investment conference in London.

“To the extent that the size of the sovereign premia
(borrowing costs) hamper the functioning of the monetary policy
transmission channels, they come within our mandate.”

The euro rose and German bond futures turned negative after
the comments.