ECB's Draghi backs Schäuble's "currency commissioner"

29 October 2012

In an interview with Der Spiegel, president Draghi said that it is only once the euro area countries are willing to share sovereignty at the European level that they will gain sovereignty.

Mr Draghi said: "If we do not resolve the euro crisis, we will all pay the price. And if we do resolve it, we will all benefit, particularly German taxpayers and savers. Interest rates in Germany are at a low level, with some negative bond rates, not because of our measures, but because Germany receives safe-haven flows from other parts of the euro area.“

"When the crisis escalated in early summer, the ECB had three options: first, do nothing, allowing the crisis to get worse and worse with greater risks, particularly for the German taxpayer; second, provide support unconditionally; or third, provide support under certain conditions. The ECB chose the third option because that was the best way to combat the causes of the crisis. Governments must commit to sound economic and financial policies. This is how we ensure reform in the euro area – and our independence.“

Full interview

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