As the EU Splinters, ECB’s Draghi Pleads for Currency Reform
- European Central Bank President Mario Draghi Friday called for greater central government interference in capital markets, stating his desire for a fiscal instrument that would alleviate crisis-driven stress on weaker countries.
The Head of the European Central Bank (ECB) is urging political leaders to make reforms to prevent a repeat of the Eurozone’s financial crisis, including making money available to help member countries that run into trouble
Mr. Draghi said that such a pot of money could provide “an extra layer of stabilization” for countries facing market turmoil that can’t be calmed through national budget and economic policies.
He admits that it will be complex to enact and faces strong political resistance.
French President Emmanuel Macron has called for EU leaders to agree at a June Summit on changes to the Euro’s setup needed to prevent a repeat of the Ys 2010-2015 market turmoil that nearly broke up the 19-Country Eurozone.
Mr. Macron, the not so likely head of France, faces skepticism from Germany’s Chancellor Angela Merkel.
The EU is a failed socialist experiment and is splintering before the progressive’s eyes. Shayne and I predicted the failure of the single currency in Y 2010 and here it is in full swing as it falls to seek parity with the USD.
Have a terrific weekend.
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