ECB’s Chief Warns Situation Is ‘Very Grave’!

• Super Mario is  a member of the Illuminist Trilateral Commission and Bilderberg group. Their objective is a One World Currency, Global Supra-National Central Bank and Luciferian World Government.
  –
  ECB’s Chief Warns Situation Is ‘Very Grave’! 
  By BRIAN BLACKSTONE, http://online.wsj.com/
  Mario Draghi, Before European Parliament, Says Nations Must Move on Both Growth and Austerity
  FRANKFURT—European Central Bank President Mario Draghi delivered his sternest warning to date on Europe’s debt crisis, saying it could cripple financial markets and the economy unless effective actions are taken by governments. “We are in a very grave state of affairs and we must not shy away from this fact,” Mr. Draghi said in testimony to the European Parliament.
  –
  Three months ago, Mr. Draghi’s predecessor, Jean-Claude Trichet, told the same group of lawmakers the crisis had reached “systemic dimensions.” Mr. Draghi on Monday said “the situation has worsened further” since then.
  –
  Steps must be taken to restore economic growth and boost employment even as vulnerable governments reduce their budget deficits, Mr. Draghi said. Concerns over government-bond markets in some European countries, in addition to a worsening of economic growth prospects, “led to severe disturbances in the normal functioning of financial markets and, ultimately, the real economy,” Mr. Draghi said.
  –
  The ECB has responded “decisively,” Mr. Draghi said, citing the bank’s decision last month to make three-year loans available to commercial banks and relax its collateral rules to expand access to the loans. Early results are “encouraging” that the measures helped to avert a major credit crunch, he said, reiterating comments made last week after the ECB’s monthly meeting.
  –
  The ECB president delivered a more upbeat message when policy makers met Thursday, pointing to “tentative” evidence that the euro-zone economy was stabilizing. Since then, the euro bloc has been hit by a series of setbacks, including a mass downgrade of euro-zone credit ratings on Friday and a breakdown in Greek debt-restructuring talks.
  –
  Mr. Draghi warned recent decisions by European governments to improve coordination of fiscal economic policies and move toward more fiscal union “are not enough” unless they are followed through.
  –
  … for more click here!

end