SEOUL (MNI) - Europe stands a "very good" chance of getting out of its current debt crisis, although the process will take time, Riksbank Deputy-Governor Lars Nyberg told Market News International Friday.

"There's a very good chance to get out of the situation in Europe in a slow, but workable fashion," he said on the sidelines of the Financial Stability Board meeting here.

SEOUL (MNI) - The global economic recovery is here to stay but it is also at risk as a result of financial market fragility and the end of fiscal stimulus cycles, Financial Stability Board Chairman and Bank of Italy Governor Mario Draghi said here Friday.

"It's not going to be a strong recovery in the short- to medium-term," he told reporters at a briefing on the sidelines of an FSB meeting here.

BRUSSELS (MNI) - European Union policymakers reached political agreement late Thursday to set up four new financial regulatory authorities, successfully concluding months of negotiations.

The deal will lead to the creation of four new supervisory authorities, one of which will be part of the European Central Bank and will oversee macroprudential supervision. The new bodies are to be operational by the start of 2011.

By Johanna Treeck

FRANKFURT (MNI) - European Central Bank President Jean-Claude Trichet Thursday presented significant upward revisions to Eurozone growth forecasts and noted further improvement in money markets, but he nevertheless pledged to maintain the current level of support at least until mid-January 2011.

Although Trichet sounded surprisingly optimistic and emphasized that "we are in a process" of exiting from non-standard operations, the ECB may still postpone for quite some time a second attempt to withdraw the emergency liquidity measures.

By Johanna Treeck

FRANKFURT (MNI) - European Central Bank President Jean-Claude Trichet Thursday presented significant upward revisions to Eurozone growth forecasts and noted further improvement in money markets, but he nevertheless pledged to maintain the current level of support at least until mid-January 2011.

Although Trichet sounded surprisingly optimistic and emphasized that "we are in a process" of exiting from non-standard operations, the ECB may still postpone for quite some time a second attempt to withdraw the emergency liquidity measures.

By Johanna Treeck

FRANKFURT (MNI) - European Central Bank President Jean-Claude Trichet Thursday presented significant upward revisions to Eurozone growth forecasts and noted further improvement in money markets, but he nevertheless pledged to maintain the current level of support at least until mid-January 2011.

Although Trichet sounded surprisingly optimistic and emphasized that "we are in a process" of exiting from non-standard operations, the ECB may still postpone for quite some time a second attempt to withdraw the emergency liquidity measures.

BERLIN (MNI) - Germany's Federal President Christian Wulff said Thursday he will consider the request of the Bundesbank to dismiss its board member Thilo Sarrazin over his anti-immigrant remarks.

Under German law, the Bundesbank board cannot autonomously remove members; only the Federal President has this power.

PARIS (MNI) - The ECB's extension of emergency liquidity measures and its upward revision to growth forecasts were completely as expected and provided no guidance on future other policy other than to confirm that the status quo will remain for a long time to come, analysts said.

The prevailing view was that while Trichet said the ECB is in the process of withdrawing surplus liquidity, in fact it is still worried about the U.S. economy and developments in the Eurozone's periphery.