Draghi Dreams of Better Union as Europe Bickers Over Greece – Bloomberg … – Bloomberg

The founding fathers of the European project wanted an “ever-closer” union. Mario Draghi says the immediate goal should be one that’s less imperfect.

Attempting to move forward after the political squabbles that almost — again — ended with a rupture in the euro area over Greece, the European Central Bank president is making a plea for deeper regional cooperation. The trouble is, the renewed bout of turmoil has done nothing to encourage countries to travel that path.

Draghi and the European Union’s top bureaucrats want to overcome the contradictions of 19 sovereign countries using one currency and rejig the bloc to rule out recurring debt crises. Speaking in Frankfurt on Thursday, he cited a report he co-authored with the four other “presidents” of the EU to say nations must move toward fiscal and political union.

“This union is imperfect, is fragile, is vulnerable, and doesn’t deliver — at the very least doesn’t deliver all the benefits it could if it were to be completed,” Draghi told reporters after the ECB approved measures to help ensure the survival of the Greek banking system. “The future now should see decisive steps on further integration.”

Shared Treasury

Draghi, European Commission President Jean-Claude Juncker, EU President Donald Tusk, European Parliament President Martin Schulz and Eurogroup President Jeroen Dijsselbloem, laid out a potential map for stronger European integration in the so-called “Five Presidents” report published last month.

The document laid out the possibility of a shared treasury for the region within 10 years. That meshes with the opening lines of the 1957 Treaty of Rome, which envisaged an “an ever closer union” which would “eliminate the barriers which divide Europe.”

Draghi Dreams of Better Union as Europe Bickers Over Greece – Bloomberg … – Bloomberg

Leave a Reply

Your email address will not be published. Required fields are marked *