January 2, 2012 / 7:58 AM / 7 years ago

Confidence needed in future of euro - ECB's Gonzales-Paramo

PARIS (Reuters) - The euro currency is here to stay but confidence will be needed to overcome the euro zone’s public finance and competitiveness problems, European Central Bank executive board member Jose Manuel Gonzalez-Paramo said.

Chocolate bars in Euro banknote design are on display at a candy shop in Vienna, August 19, 2011. REUTERS/Heinz-Peter Bader/Files

“The euro is not an economic experiment, it’s much more and we should not forget that,” Gonzales-Paramo told La Tribune daily in an interview published on Monday. “We need to be confident in the future of the euro.”

He added that Europe’s debt crisis was helping to push through reforms in the currency bloc — a positive effect of market pressure which outweighed the economic damage amassed during two years of uncertainty.

Reporting By Nicholas Vinocur; Editing by Kavita Chandran

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