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Orphanides-ECB will continue to play supportive role
NICOSIA | Mon Dec 6, 2010 5:57am EST
NICOSIA Dec 6 (Reuters) - The solidarity of the European Union should not be underestimated, European Central Bank policymaker Athanasios Orphanides said on Monday, adding that the ECB would continue to play a supportive role in the crisis.
The ECB, "to the degree that it can, contributes to normalising the turbulence which exists," Orphanides, head of Cyprus' central bank and a member of the ECB Governing Council, told a news conference after the Cypriot bank published new economic forecasts.
"The ECB has an important supportive role to play in political decisions and, as is acknowledged, it acts. It intervenes on the bond purchases market at the level considered necessary."
Orphanides also said that Greece had shown determination to turn around its finances and warned markets not to underestimate European togetherness.
"The EU was built on a framework of solidarity among people of the EU, we must not underestimate the feeling of solidarity which exists ... at the end of the day the EU finds ways to support all of its citizens, irrespective of where they live," he said.
NICOSIA | Mon Dec 6, 2010 5:57am EST
NICOSIA Dec 6 (Reuters) - The solidarity of the European Union should not be underestimated, European Central Bank policymaker Athanasios Orphanides said on Monday, adding that the ECB would continue to play a supportive role in the crisis.
The ECB, "to the degree that it can, contributes to normalising the turbulence which exists," Orphanides, head of Cyprus' central bank and a member of the ECB Governing Council, told a news conference after the Cypriot bank published new economic forecasts.
"The ECB has an important supportive role to play in political decisions and, as is acknowledged, it acts. It intervenes on the bond purchases market at the level considered necessary."
Orphanides also said that Greece had shown determination to turn around its finances and warned markets not to underestimate European togetherness.
"The EU was built on a framework of solidarity among people of the EU, we must not underestimate the feeling of solidarity which exists ... at the end of the day the EU finds ways to support all of its citizens, irrespective of where they live," he said.