Mario Draghi, president of the European Central Bank (ECB), said that abandoning the euro would not benefit any member of the Eurozone.
Draghi gave a speech in Ljubljana,
Slovenia, celebrating 10 years of the country being part of the euro system. He stated that the cause of economic problems within the zone is political in nature.
“Countries that have implemented reforms are not dependent on a flexible exchange rate to achieve sustainable development,” Draghi said. “If a country has a low growth of productivity because rooted structural problems, the answer may not be the exchange rate.”
He also noted that the European economy in general is fragile and that member countries still do not agree completely about European currency.
“National authorities knew what to do,” he said. “The currency could not protect them from their own political decisions.”
Draghi also said that fears abut globalization, immigration and social change make the integration process more difficult and that integration is the key to financial and political stability.
