17 Mar 2015
"There must be a quantum leap in institutional convergence" – ECB Chief Draghi
FXStreet (Mumbai) - Speaking at SZ Finance Day 2015 "The Future of the Finance Industry - Between Growth and Regulation" organized by Süddeutsche Zeitung in Frankfurt, European Central Bank (ECB) President Mario Draghi praised the steady recovery in the euro zone economy, but called for further integration within the euro zone and sharing more sovereignty.
Key Quotes:
"We are meeting against the backdrop of a steadily recovering economic situation in the euro area,"
"Most indicators suggest a sustained recovery is taking hold," and "confidence among firms and consumers is rising. Growth forecasts have been revised upwards. And bank lending is improving on both the demand and supply sides."
"This is why, whenever there is a serious shock in any part of the euro area, questions about the sustainability of the union still arise," "we have now integrated too much to even entertain reversing the process - our economies are far too intertwined."
"we need now to press ahead with two streams of policy. First, we need to move from integration to convergence through structural reforms. And second, we need to move from rules to institutions through governance reforms."
"There must be a quantum leap in institutional convergence,"
"We need to move from a system of rules and guidelines for national economic policy making, to a system of further sovereignty sharing within common institutions. And as part of this process we need to strengthen the democratic accountability of Europe towards its citizens, which would automatically deepen our political union."
Key Quotes:
"We are meeting against the backdrop of a steadily recovering economic situation in the euro area,"
"Most indicators suggest a sustained recovery is taking hold," and "confidence among firms and consumers is rising. Growth forecasts have been revised upwards. And bank lending is improving on both the demand and supply sides."
"This is why, whenever there is a serious shock in any part of the euro area, questions about the sustainability of the union still arise," "we have now integrated too much to even entertain reversing the process - our economies are far too intertwined."
"we need now to press ahead with two streams of policy. First, we need to move from integration to convergence through structural reforms. And second, we need to move from rules to institutions through governance reforms."
"There must be a quantum leap in institutional convergence,"
"We need to move from a system of rules and guidelines for national economic policy making, to a system of further sovereignty sharing within common institutions. And as part of this process we need to strengthen the democratic accountability of Europe towards its citizens, which would automatically deepen our political union."