The euro was launched in 1999 with one central bank and currency but multiple governments, each with their budgets and economic regulations. Rules against excessive deficits failed to keep some countries from running up too much debt through overspending or expensive bank bailouts. Greece, Ireland and Portugal have needed bailouts to pay their debts.
Draghi added that the goals of the bank's emergency loans to banks in December and February "have been broadly met" and that the step avoided a worse credit crunch. But he conceded that while banks have been supplied with fresh money from the central bank "in some countries very little money reached the real economy." The ECB has said that lending remains subdued because businesses see no reason to ask for credit in a slow economy.
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