Posted on 05/04/2012 1:18:51 PM PDT by Olog-hai
European Central Bank (ECB) chief Mario Draghi has urged eurozone leaders to come up with a 10-year target for the common currency, saying they should accept more transfer of powers if they truly want a fiscal union.
Held exceptionally in Barcelona instead of the ECB headquarters in Frankfurt, the monthly meeting of eurozone's central bank governing council on Thursday (3 May) was an opportunity for Draghi to explain what he meant last week when he said a "growth compact" is needed along with the deficit-cutting measures taken by most governments.
"There is absolutely no contradiction between a growth compact and a fiscal compact," the Italian banker said in reference to the treaty on fiscal discipline signed in March by 25 EU leaders.
Draghi himself had earlier coined the "fiscal compact" moniker.
He went on to explain that governments have to stick to tighter budgets, while reforming labor markets, increasing competition, and rebalancing employment towards young people. …
Also part of his vision of a "growth compact," Draghi backed calls for a boost in the resources of the European Investment Bank and said EU funds needed to be "redirected" to low-income areas—ideas already floated by François Hollande, the frontrunner in the Sunday presidential elections in France.
"But the thirdly and most importantly is that we collectively have to specify a path for the euro. How do we see ourselves in 10 years from now ...We want to have a fiscal union? We have to accept the delegation of fiscal sovereignty from national to some form of central [government]," he said. …
(Excerpt) Read more at euobserver.com ...
hunh funny I just posted a snip from my favorite blog about that very concept.
Don’t do it European Nations. Hell will be the result.
———— Goldman Sachs Memo ————
Attn: Dragi
Date: Today
Subject: Euro Currency Target
Public target in 10 years = current value.
Actual target in 3 years = 0 [Zero].
PS - Fix your hairpiece.
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