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Euro Zone Has Long Way To Go In Climb Out Of Crisis: ECB's Mersch

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November 29, 2013 AT 4:48 AM
The euro zone is early on its climb out of economic crisis but it is on the right track, ECB Executive Board member Yves Mersch said on Friday at a meeting of top bankers in Frankfurt. "Evident pitfalls are between us and the rewarding view from the mountain top. But at the same time I believe we are on the right track," he added. On the treatment of sovereign bonds by banking supervisors, Mersch said that in the medium term "it makes sense, from a prudential point of view, that assets are being weighted according to their riskines--and not according to conventions which might not reflect reality." Continued problems in some parts of the euro zone was acknowledged by European Central Bank boss Mario Draghi: