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Speaking at an event in Rome, the European Central Bank (ECB) Governing Council member and Governor of the Bank of France, Francois Villeroy de Galhau, argued that in the short term, a bigger deficit would not necessarily have a positive impact on Italian economic growth especially  if it were accompanied by a higher risk premium on interest rates.

Key quotes (via Reuters)

  • Italy needs to be committed to the euro to build a more solidarity.
  • Asked about global economic crisis risks, says the situation has become very dangerous.