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While speaking at a conference in Rome earlier in the day, “European single currency needs to interact with a single fiscal policy,” European Central Bank governing council member Ignazio Visco argued, as reported by Reuters.

“The small and uncertain benefits of a debt restructuring mechanism must be weighed against the huge risk that the mere announcement of its introduction may trigger a perverse spiral of expectations of default, which may prove to be self-fulfilling,” Visco further added in his prepared remarks, which were largely ignored by market participants.