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ECB's Draghi says recovery continues, but slowly

September 23. 2013 10:36AM
Associated Press

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(AP) The head of the European Central Bank says the bloc's economy appears to continue its "slow recovery" in the current quarter.

Mario Draghi told the European Parliament on Monday that recent data showed continuing growth in the third quarter but warned the recovery still "needs to be firmly established."

The 17-nation eurozone emerged from recession in the second quarter, but the unemployment rate remains at a record high of around 12 percent.

Draghi also urged lawmakers to make it their "key priority" to complete the bloc's planned banking union.

He said the ECB will push ahead swiftly with the establishment of a joint banking oversight but insisted that policymakers should not fall back on the key goal of also establishing a joint mechanism to unwind or restructure banks by 2015.

Associated Press

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