Euro steady as Jose Manuel Barroso declares crisis over

<p>The euro is steady in trading after Jose Manuel Barroso declared the euro is now safe.</p>

The euro is steady in forex markets today (January 8th), after European Commission president Jose Manuel Barroso declared the single currency's future has been secured.

Speaking in his native Portugal, the policymaker remarked that the threat against the eurozone has been "overcome", citing the European Central Bank's promise to buy member states' debts was a pivotal moment for the 17-nation bloc.

However, Mr Barroso added that more needs to be done to ensure the region's financiers and authorities are fit for purpose.

"The credibility of a currency depends on the soundness of the institutions behind it”, he stated.

Mr Barroso's confidence in the euro has not been wholly echoed by analysts, with many commenting there are still many hurdles for the region to overcome before it can be declared safe.

At 11:45 GMT, the euro was steady versus the dollar, with €1 buying $1.311, while it made marginal gains in trading with the pound to £0.815.

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