ECB DRAGHI: See progress in addressing EMU convergence shortcomings

Market news

7 December 2012

ECB DRAGHI: See progress in addressing EMU convergence shortcomings

--External & fiscal imbalances are starting to be unwound

--Efforts to regain competitivity are bearing early fruit

--Deleveraging is generally proceeding in an orderly way

--Despite the progress, 'much still needs to be done'

--Credit flows to real economy suffering in parts of emu

--Need other strong european institutions besides ecb

--Joining EMU should imply greater sharing of sovereignty

Japan: The Meteorological Agency has called off its tsunami warning issued earlier this evening after a strong earthquake measuring 7.3 shook Japan's northeastern region, public broadcaster NHK said.

GERMANY BBK: See German 2012 real GDP 0.7%% (1.0%), 2013 0.4% (1.6%)

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