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Merkel and Draghi agree continued reforms in the EU of crucial importance

FXStreet (Barcelona) - Following her meeting with ECB head Mario Draghi in Berlin on Wednesday, German Chancellor Angela Merkel told reporters that they had discussed the importance of continuing with structural reforms in the EU and the need for improving competitiveness.

The introduction of a package of easing measures by the ECB last week suggests that the EU crisis is not over yet Merkel stressed, adding later that it was “good tradition” not to comment on the ECB monetary policy.

After drifting a bit oil price recovered on Wednesday

Independent Analyst Malcolm Graham-Wood notes that on Tuesday API stats confounded again as crude stocks built by 1.5m barrels against a forecast draw and gasoline stocks fell by 441/- barrels against a guess of a rise of 843/-.
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US Treasury Secretary: Pace of US economic recovery too slow

In a speech delivered before the New York Economic Club US Treasury Secretary Jack Lew said that the US economy was improving but that the pace of economic growth was still unsatisfactory and that unemployment remained excessively elevated.
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