Draghi also commented that the ECB principal commitment is to preserve price stability and credit flow: "We do not act to help banks. We do not act to help governments. We act to help maintain the flow of credit to real firms and households." The ECB is ready to act, paraphrasing the Draghi's so-called "whatever it takes", but "preserving price stability today requires different actions than it did in the past.
The eurozone is an unbreakable region and the Euro is a stable currency. "A euro is a euro regardless of where you are. A currency whose integrity is in doubt cannot be a stable currency." The president remarked that the European countries "should build a strong and deep economic and political union, to the benefit of all members of the single currency."
"Our common currency exists not as an end, but as a means: to foster peace between nations and to further our collective prosperity," pointed Draghi, however, he said that people in the pre-crisis times were living in "fairy world," thinking spreads reflected reality.
Nevertheless, Mario stated that the unemployment in Europe is a "tragedy"
The EUR/USD reacted down following the speech and specially with the words "far from exit" which send the pair 15 pips lower in a matter of minutes. Now the EUR/USD is trading below 1.3100 area.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.