Draghi: No going back to old euro ways

Published: 29th August 2012 04:14 PM  |   Last Updated: 29th August 2012 04:14 PM   |  A+A-


European Central Bank head Mario Draghi says the euro's original setup was unworkable and there's no going back — but argues that ways to fix the 17-country shared currency are within reach.
European officials don't need to set up a complete political union but can repair the currency union through less drastic steps such as stricter central oversight of national spending and tougher scrutiny of banks.
Draghi says in an opinion piece published in a German newspaper that the euro's original 1999 setup — one currency shared by countries that only loosely coordinate their economies — has been discredited by the debt crisis.
Draghi says budget oversight is needed because "the consequences of misguided fiscal policies in a monetary union are too severe to remain self-policed."

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