Europe must take a leap forward in integration and create the institutions needed for economic stabilization as monetary policy loses potency, said outgoing ECB President Mario Draghi
FRANKFURT - Europe must take a leap forward in integration and create the institutions needed for economic stabilization as monetary policy loses potency, outgoing European Central Bank President Mario Draghi said on Monday.
Having faced years of crises or weak growth, the ECB has exhausted its conventional policy arsenal and now relies on untested, unconventional tools to stimulate growth. Speaking to an audience that included German Chancellor Angela Merkel and French President Emmanuel Macron, Draghi argued that a common budget for the EU was necessary so there would be a centralized capacity to stabilize the monetary union.
“Today, we are in a situation where low interest rates are not delivering the same degree of stimulus as in the past, because the rate of return on investment in the economy has fallen,” Draghi said at a farewell event.
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