Mario Draghi,
president of the European Central Bank, warned a committee of the E.U.'s
parliament at the end of May 2012 that the structure undergirding the euro in
the E.U. had become "unsustainable." He criticized political
officials for having kicked the can down the road by enacting half-measures or
else delaying decisions, thus making the debt crisis even worse than it
otherwise would have been. "The next step is for our leaders to clarify
what is the vision for a certain number of years from now."[1] Similarly,
Olli Rehm, vice president of the E.U. Commission (the E.U.'s executive branch),
said that ways must be found to avoid a disintegration of the common
currency.
The full essay is in Essays on the E.U. Political Economy, available in print and as an ebook at Amazon.
1. Jack Ewing, "A Terse Warming for Euro States: Do Something New," The
New York Times, May 31, 2012.
