“We are living a crucial moment in the history of the EU. We have reached a point in which the process of European integration needs a courageous leap of political imagination in order to survive,” Draghi said in a speech to hundreds of students at Rome's Sapienza University on Thursday.
"Eurozone member governments must together and irreversibly define their vision of the economic and political construction which will sustain the single currency (euro)," he added.
Europe's top central banker also noted that the eurozone’s debt crisis has revealed the EU's "weaknesses" and warned against increasing public deficits, saying, "There is no sustainable growth without ordered public accounts."
Draghi made the comments a day after European officials met in Brussels to discuss plans on how to stem a financial crisis that has wreaked havoc in the continent, and prepare contingency plans in case Greece quits the single currency area.
The leaders concluded their latest summit early Thursday with few concrete steps to fix the financial crisis.
The EU leaders have held several similar meetings over the past months as the crisis in the eurozone keeps aggravating.
MN/JR/AZ
Friday, 25 May 2012
Eurozone crisis faces critical moment: ECB president
European Central Bank President Mario Draghi
Fri May 25, 2012 4:43AM GMT
European Central Bank President Mario Draghi says the EU is living "a crucial moment in its history" and urged Europe's leaders to take bold measures to tackle the bloc’s deepening debt crisis.
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