What can we do? What is the next step? (June 30th 2012)
Mario Draghi the 64 year old Italian banker, economist and President of the European Central Bank has told European politicians that they should do a lot more to tackle the debt crisis, according to an Aljazeera article. The article states “He says the current setup is unsustainable and has urged member states to take immediate action towards developing a clear vision for the next few years. …warn[ing] that the structure of the euro currency union has become unsustainable and criticised political leaders, who, he said, had been slow to respond to a European debt crisis now well into its third year. “Can the ECB fill the vacuum or lack of action by national governments on the structural front? And again the answer is no, structural reforms don’t have much to do with monetary policy,” Draghi said, adding: “Can the ECB fill the vacuum left by the lack of euro area governance? And the answer is no. So, let’s ask: What can we do now? What is the next step? The next step is basically for our leaders to clarify what is the vision for a certain number of years from now.” …All of this has taken a toll on the value of the euro currency. It fell to its lowest level in almost two years against the dollar.”
Inspired by Aljazeera ow.ly/bJhPY image source World Economic Forum ow.ly/bJhwz
