Following on from his comments yesterday that I posted Mario Draghi has sent a strong message to a conference in Rome
n a message read out to attendees , he said countries should act quickly on recommendations the central bank has made to complete economic and monetary union, many of which have not been carried out.
"The current situation in the euro area demonstrates that this delay could be dangerous"
But private risks need to be shared within the euro zone, with financial integration improving access to credit for companies and leading to a complete capital markets union, Draghi said.
Draghi called for stricter and more transparent adherence to existing budgetary rules to help close the gaps among member states in employment, growth and productivity, but said this alone would not be enough.
Countries should observe common standards when implementing structural reforms but also take a country-specific approach, as part of a process of "convergence in the capacity of our economies to resist shocks and grow together".
Thirdly, Draghi said the euro zone should ask whether it had done enough to safeguard the possibility of using budgetary policy to counter the economic cycle, concluding: "I think not."
Reuters has more here
I'm gone. Have a great weekend everyone
Come on you mighty Shrimpers!!
