After the markets' lackluster reaction to European Central Bank President Mario Draghi’s promise of a plan in the coming weeks to “save” the single currency , de Castries also told CNBC’s “Squawk Box Europe” that he believed nothing had changed — or could change quickly — in the euro zone.
“It’s not going to be an easy and a quick fix. What the politicians and the [European] central bank have to correct is mistakes which have been made over a generation. It would be naïve to think that this is going to go away in a few weeks or even in a few quarters,” he said.
Though de Castries said that he was positive a cure would come, there could be trouble along the way to a recovery.
"If you take the long-term view, within a few years the European budgets will be better balanced, public spending will be lower and structural spending reforms will have happened.”
“The risk is an accident on the road to a cure," he said.Page 2 of 2 | Prev Page