Bank President Says Euro Safe

    A sunflower  stands  in front of the Euro sculpture in Frankfurt, Germany, Thursday, July 5 2012.The European Central Bank has cut its key interest rate by a quarter percentage point to a record low of 0.75 percent to boost a eurozone economy weighed down by the continent's crisis over too much government debt.  The move followed a rate cut by China's central bank and new stimulus measures by the Bank of England as global financial authorities seek to shore up a slowing global economy.  European leaders last week agreed on new steps to strengthen market confidence in their shared euro currency bloc. They agreed to set up a single banking supervisor to keep bank bailouts from bankrupting countries and made it easier for troubled countries to get bailout help.  Those steps helped calm financial markets, which have expected the ECB to follow up with more help in the form of a rate cut  (AP Photo/Michael Probst)

    Michael Probst / AP Photo

    The president of the European Central Bank–a key player in the continental crisis–said Saturday that the eurozone is not in danger of splintering, even while analysts predict a coming crack-up. President Mario Draghi pointed to the recently approved financial and budgetary union, and said that Europe's markets should be able to weather the recent debt storm. Asked by French newspaper Le Monde if the common currency could fail, Draghi said "No, absolutely not." The pessimists, he claimed, "don't recognize the political capital that our leaders have invested in this union and Europeans' support. The euro is irreversible."

    Read it at Le Monde