Draghi: No going back to old euro ways

European Central Bank head MarioDraghi 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 canrepair the currency union through less drastic steps such as stricter centraloversight of national spending and tougher scrutiny of banks.
Draghi says in an opinion piece published in a German newspaper that the euro'soriginal 1999 setup — one currency shared by countries that only looselycoordinate their economies — has been discredited by the debt crisis.
Draghi says budget oversight is needed because "the consequences ofmisguided fiscal policies in a monetary union are too severe to remainself-policed."