You are here

ECB says Greek crisis has shown eurozone is imperfect, fragile

Thursday, July 16, 2015 - 21:28
ecbreu.jpg
The Greek debt crisis has shown up the fragility of the eurozone and the need for stronger integration within the currency bloc, European Central Bank President Mario Draghi said on Thursday.

[FRANKFURT] The Greek debt crisis has shown up the fragility of the eurozone and the need for stronger integration within the currency bloc, European Central Bank President Mario Draghi said on Thursday.

"This union is imperfect, and being imperfect is fragile, vulnerable and doesn't deliver ... deliver all the benefits that it could if it were to be completed. The future now should see decisive steps on further integration," he told a news conference.

Mr Draghi was responding to questions about whether Germany raising the issue of Greece taking a time-out from the eurozone had weakened the bloc.

"Discussion doesn't necessarily weaken," he said.

Since taking the helm at the height of the eurozone debt crisis in 2011, Mr Draghi had repeatedly said that he considered the euro "irreversible", meaning that he believed that no country would be ever allowed to leave or fall out the currency union.

REUTERS