Europe more fiscally balanced than US, Japan and UK, says Draghi

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Mario Draghi, the president of the European Central Bank (ECB), praised the "amazing" progress of the euro area's fiscal consolidation, as both the ECB and Bank of England (BoE) held their benchmark interest rates at 0.75% and 0.5% respectively on November 8.

Member countries' efforts at fiscal consolidation have begun to "bear fruit", particularly in comparison to the rest of the globe, Draghi said at a press conference following the ECB governing council's announcement.

"The euro area and the

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