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Giulio Tremonti

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ECB's Draghi faces heat over euro, Monte Paschi

Mario Draghi faces a grilling over the European Central Bank's sensitivity to the euro's sharp rise and his connection to an Italian banking scandal on Thursday, at a monthly meeting when the ECB is almost certain to hold interest rates unchanged.Investors will seek to gauge how much further the euro must rise before its strength forces the ECB to express concern, or even reverse course and contemplate a rate cut - a scenario that shows next-to-no sign of materializing on Thursday.The euro has appreciated to a 14-month peak against the dollar this year, though it slipped on Wednesday, with traders becoming cautious in the event that Draghi expresses concern about the currency's strength.The ECB's policymakers meet after French President Francois Hollande said on Tuesday the euro zone must develop an exchange rate policy to protect the currency from "irrational movements".Erkki Liikanen, an ECB Governing Council member, later dismissed any prospect of the bank pursuing such a policy, sa...

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  1. Draghi informed of Monte Paschi doubts but not at fault: source

    Mario Draghi was informed of doubts raised by Bank of Italy inspectors about the Monte dei Paschi bank but had little control over what has been widely criticized as...

  2. Draghi was informed of Monte Paschi doubts - central bank source

    Mario Draghi was informed of doubts raised by Bank of Italy inspectors about the Monte dei Paschi bank but had little control over what has been widely criticized as...

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    The charitable foundation that controls Italy's scandal-hit Monte dei Paschi bank took on excessive debt and entered into risky derivative trades with the tacit cons...

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    By Roberto LanducciItalian Prime Minister Silvio Berlusconi faced growing pressure Tuesday over European Union demands for economic reforms with his main coalition p...

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