FRANKFURT, Germany | European banking chief: euro needs a central budget

26Nov - by Editor - 0 - In STL.News



FRANKFURT, Germany  — The head of the European Central Bank is renewing his pleas to fix flaws in the 19-country euro currency, urging European leaders to adopt a central spending pot to buffer individual governments against financial crises.

Mario Draghi said Monday in the European Parliament that “the euro area needs a fiscal instrument” to keep member countries afloat during sudden shocks like the 2007-08 global financial crisis.

Such a fiscal pot, he said, needs to be big enough and should deploy automatically when trouble strikes, but must not encourage irresponsible spending by governments.

Continue reading FRANKFURT, Germany | European banking chief: euro needs a central budget at STL.News.



Source link