The European Central Bank will assert more aggressive efforts to tackle the sovereign debt scourge that is undermining euro zone nations and the monetary unit if regional political leaders redouble their efforts to control budgets next week, Reuters reports new ECB president Mario Draghi told the European Parliament.
"What I believe our economic and monetary union needs is a new fiscal compact – a fundamental restatement of the fiscal rules together with the mutual fiscal commitments that euro area governments have made," Draghi told the political body as he marks one month on the job.
Debt-hobbled Spain touched its maximum debt target on Thursday and French yields fell in an auction.
The currency's ascent on Wednesday is linked to the agreement of six central banks, led by the U.S. Federal Reserve, to reduce borrowing costs. The gains of the euro on Wednesday topped out at 1 percent, the best performance in one day since November 11.
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