Draghi faces heat over euro, Italy banking scandal
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Mario Draghi faces a grilling over the European Central Bank's sensitivity to the euro's sharp rise and his connection to an Italian banking scandal at an ECB meeting on Thursday where interest rates are almost certain to be unchanged.
Ireland is on tenterhooks whether the ECB will sign off on a new proposal to reduce the country's debt burden, for which its government rushed through emergency legislation early on Thursday to liquidate failed Anglo Irish Bank.
A source close to the negotiations told Reuters the ECB came close to agreeing a deal on Wednesday night, but in the end more work needed to be done and the Governing Council would continue discussions at its Thursday meeting.
Investors will seek to gauge how much further the euro must rise before its strength forces the ECB to express concern, or even reverse course and contemplate a rate cut - a scenario that shows virtually no sign of materializing on Thursday.
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