Draghi Backs Further Euro Integration

EghtesadOnline: The outgoing president of the European Central Bank has called on euro countries to commit to further integration in what is a controversial and divisive topic among the 19 nations.

News ID: ۷۴۸۵۸۶

01 October 2019

In an interview with the Financial Times over the weekend, ECB President Mario Draghi said “what matters is to make the [euro] union stronger” and “in some areas, further integration achieves that goal.”

While some countries argue that they need to share more when it comes to fiscal policy, other capitals are reluctant to delegate more power to European institutions, fearing to lose control over their economies or having to finance high-indebted nations.

“To have a stronger EMU [economic and monetary union], we need a common eurozone budget. Clearly the political debate on that still has a long way to go. But I am optimistic,” Draghi said, supporting a plan that French President Emmanuel Macron has tried to implement, Financial Tribune reported.