Weak Euro Zone Economies Impact Bank of Israel: European Central Bank Promises to Support Euro
European markets fell this week after here, at the European Central Bank, its president Mario Draghi said that instead of taking immediate action to stabilize the euro, measures would be drawn in gradually in the coming weeks. Continuing troubles in the European single currency area are already affecting economies in the Middle East. The Governor of the Bank of Israel Stanley Fischer warns: "Our exports will be affected by the situation in Europe. If there is a financial crisis and weakness in European banks, it will affect us too - and it's on the way," Fischer said. As in the Middle East, the euro zone's private sector is also performing below the growth threshold. European companies say securing foreign buyers is becoming increasingly tough because of a weak business environment abroad. European economic observers say that if the euro zone governments don't print money or they don't bail out countries that are not particularly liked the situation will not get fixed. Meanwhile, European Central Bank President Mario Draghi says he is ready to do "whatever it takes" to support the euro. This is Wilson Ruiz for Jewish News One in Frankfurt.