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ECB's Draghi: OMT plan helped calm financial markets

FXstreet.com (Barcelona) - ECB head Mario Draghi, who appeared at the International Monetary Conference in Shanghai on Sunday, said in a prepared speech that he expected the Eurozone to recover gradually in the second half of the year, as a result of the introduction of the OMT program in 2012 and thanks to the the increasing foreign demand.

Mario Draghi declared that the situation in the Eurozone was still uncertain, but that some signs of stabilization could already be seen, which suggested that a slow recovery should begin later this year.

Draghi defended the ECB's bond buying program saying that it had been “beneficial to everybody: sovereigns, corporations, banks as well as individuals, and it has benefited both periphery and core countries.” His comments come one week before the German Constitutional Court's vote on the legality of the OMT.

He also urged EU national governments to continue implementing the necessary structural reforms, to restore competitiveness and boost employment creation in the area.

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