ECB's Asmussen says that the euro will remain stable despite prolonged recovery

The European Central Bank's Jorg Asmussen has said that while the euro area is still in a difficult situation, the common currency always has been and will remain stable

Asmussen said that he expected economic recovery in the common currency bloc to take years. Highlighting the unacceptably high unemployment that exists in the periphery and the risks of long-term low interest rates, he said that the ongoing weakness did not justify a change in course.

Despite Asmussen's confidence that the euro project is a success, there are strong arguments that monetary unification without fiscal unification is doomed to failure.