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ECB's Draghi calls for 'sizeable' euro area fund against crises

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ECB's Draghi calls for 'sizeable' euro area fund against crises
FILE PHOTO: European Central Bank President Mario Draghi speaks during a news conference at ECB headquarters in Frankfurt, Germany, Sept. 13, 2018. REUTERS/Kai Pfaffenbach/File Photo   -   Copyright  Kai Pfaffenbach(Reuters)
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BERLIN (Reuters) – The euro zone needs a “sizeable” and well designed fiscal instrument to fight crises while avoiding moral hazard by member states, the president of the European Central Bank Mario Draghi said on Wednesday.

“First, it should be sizeable, so that it can restore full fiscal stabilisation capacity,” Draghi told an audience in Berlin. “And second, it should be properly designed so as to contain moral hazard.”

(Reporting By Michael Nienaber; writing by Francesco Canepa in Frankfurt)

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