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Draghi Right to Use ECB Against Crisis, German Private Banks Say

Aug. 2 (Bloomberg) -- European Central Bank chief Mario Draghi’s pledge to do whatever is needed to protect the euro is justifiable and should include the option of buying sovereign bonds, the head of Germany’s BDB private banks group said.

“Naturally, it would be preferable from the policy point of view for the ECB to concentrate on its price-stability remit, but we’re not in normal circumstances,” BDB General Manager Michael Kemmer said today in an ARD television interview. “If the crisis becomes a blaze, you have to douse the flames, and you don’t ask if the pond from which you draw water is the right one.”

Economic indicators suggest that the risk of the ECB sparking inflation is limited, Kemmer said. Draghi will hold a press conference today at 2:30 p.m. in Frankfurt.

To contact the reporter on this story: Brian Parkin in Berlin at bparkin@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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