Sunday, 22 July 2012

Financial, budgetary and political union inevitable says Mario Draghi

In an interview with Le Monde published on the European Central Bank's (ECB) website, its president Mario Draghi says the following when asked "In some ways you are very German when you support the calls for political union made by Angela Merkel":

"Any move towards a financial, budgetary and political union is, to my mind, inevitable. This will lead to the creation of new supranational entities. In some countries the transfer of sovereignty – I prefer to say sharing – that this implies is a major stake, in others it is no problem. But one must remember that with globalisation, it is precisely by sharing sovereignty that countries can better preserve it. In the long term, the euro must be based on a greater degree of integration".

Just in case you were uncertain on what the ECB is pushing for.

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