European Central Bank’s Draghi Set for Grilling as Industry Falters
European Central Bank President Mario Draghi is likely to face a barrage of questions Monday from lawmakers asking what can be done to reduce the value of the euro amid further signs the recovery in the 18-country eurozone is faltering.
The ECB is coming under increasing pressure to do more to stem the strength of the euro, which is hurting exporters and keeping a lid on the region’s recovery from recession.
At around $1.36, the euro is down from its 2014 high of just below the $1.40 mark in May but remains well above its historic average. Everyone from German carmakers to Greek yoghurt makers are finding it more difficult to sell their wares.