Draghi Says U.S. Critics Were Wrong to Think Euro Would Collapse

European Central Bank President Mario Draghi said critics of the euro underestimated the region’s political commitment to the single currency.

“Many commentators on this side of the Atlantic looked at the euro area and were convinced it would fail,” Draghi said during a speech at Harvard University today. “They mistook the euro for fixed exchange-rate regime, when in fact it is an irreversible single currency. It is irreversible because it is born out of the commitment of European nations to closer integration.”