STOCK MARKET BSE NSE

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-

Mario-Draghi_AP
By AP

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."

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp