Euro is here to stay

The head of the European Central Bank pledged on Monday to do everything needed to preserve the embattled single currency, vowing the "euro is here to stay" and downplaying current market turmoil. Mario Draghi reiterated the ECB's view was that there would be a "weakening of growth and heightened uncertainty" in the second quarter of 2012 but he told deputies that for the eurozone to work, individual countries within the bloc would have to cede more responsibility to the supranational level.