The President of the European Central Bank, Mario Draghi, is very happy with the European Union's progress. Despite major concerns for 2012, countries have taken many necessary steps to improve the European Union. Mr. Draghi thanked the European leaders because they gave the E.C.B. authority to make the very important decision on regulating euro zone banks. Despite the praise, he does want continued ambition and doesn't want the leaders to be content with their current status: “Relative calm in financial markets should not lead to a lowering of our ambitions to fix the structural flaws in the governance framework of the euro area.”
Article: http://www.nytimes.com/2013/01/23/business/global/ecb-chief-hails-progress-in-euro-zone.html?ref=economy
1 comment:
Since the lack of a central authority played a role in the Eurozone Crisis it seems that an agency-managerial problem arose. Each country, despite agreeing to the Maastricht accords, which required low debt levels, did what was in their own interest and not the Unions interest.This move to allow the E.C.B to have regulatory power seems to have helped the problem, although if oversight gets lax again there is always a chance of a new crisis.
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