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Draghi urges solidarity

AFP FRANKFURT (AFP-Jiji) — European Central Bank chief Mario Draghi on Friday urged politicians to sidestep confrontation and reach compromise on reforming the eurozone, after French ambitions have slammed repeatedly into German taboos.

“The dichotomy between risk-reduction and risk-sharing that characterizes the debate today is, in many ways, artificial,” Draghi said in a Florence speech.

“We need policies that make the financial system more stable” and “policies that lead to sustainable convergence” in countries’ economic performance, he argued.

Draghi pressed leaders to get on with reforms to the financial system that he says would encourage stability, like offering a state financial backstop for the Single Resolution Fund used to wind up failing banks or introducing a Europe-wide deposit insurance scheme.

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