Zeebiz Bureau
Frankfurt: The eurozone setup is "unsustainable" without stronger political and financial ties, ECB chief Mario Draghi said on Thursday.
Speaking to the European Parliament in Brussels, Draghi has also called for a new course to save it from a crippling debt crisis.
Mario Draghi heaped criticism on European political leaders for being slow to respond to the 2½-year crisis, saying delays and half-measures had only made the situation worse.
The central bank has done what it could to fight the problems by reducing interest rates and giving USD 1.2 trillion (€1 trillion) in emergency loans to banks, ECB chief added. Now, he said, it is up to the 17 member countries to devise a broad vision for the future.
The ECB cannot "fill the vacuum of the lack of action by national governments," he said, urging sweeping reforms to spur growth, reduce deficits and create a Europe-wide banking regulator.
Beyond that, the euro needs a fundamental reworking of its rules and management, he said, calling the current structure "unsustainable unless further steps are taken."
With Agency Inputs
