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ECB can and should avoid state defaults in euro zone: Nowotny

© Reuters. FILE PHOTO: ECB Governing Council member Nowotny listens during a news conference in Vienna© Reuters. FILE PHOTO: ECB Governing Council member Nowotny listens during a news conference in Vienna

FRANKFURT (Reuters) – The European Central Bank can and should avoid the default of states that form part of the euro zone in order to preserve the unity of the currency bloc, ECB policymaker Ewald Nowotny said on Friday.

“This (redenomination to other currencies) is a kind of risk that the ECB cannot and should not accept,” Nowotny, who is Austria’s central bank governor, said.

“The risk of a sovereign default… is something that the ECB has the power to avoid and should use its power to avoid,” he added.

“Because this is part of the mandate,” the outspoken policymaker said.

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