FRANKFURT: The eurozone may finally be emerging from its crisis, data showed Friday, with banks rushing to repay emergency funding and confidence in Germany on a seemingly unstoppable upwards trajectory, reports AFP.
The embattled euro ended the week on a high note, rising to well above $1.34 after the European Central Bank said the region’s banks are starting to pay back ahead of time loans taken out a year ago to avert a looming credit crunch in the single currency area.
ECB chief Mario Draghi, speaking at the World Economic Forum in Davos, hailed what he saw as the new-found tranquility on the financial markets and said “all the indices point to a substantial improvement of financial conditions.”
And in Germany, Europe’s biggest economy, both business and investor confidence are on the rise.
