Euro Bank Chief Warns of Repeated Crises in Currency Zone

Thursday, August 27, 2015
By Paul Martin

A senior member of the European Central Bank (ECB) has warned that the monetary union of the Eurozone is “imperfect” and will face “repeated crises if we fail to address our economic and political differences”.

Speaking on Thursday during Ambassadors Week in Paris, Benoît Cœuré, a Member of the Executive Board of the ECB, said the current crisis in the Eurozone represents a fundamental test of the monetary union’s ability to achieve the dual objective of economic and political commonality.

He told the summit: “Our institutional framework is not yet sufficient to complete Economic and Monetary Union when it comes to economic, fiscal and financial matters. The ECB does not currently have a strong political counterpart in these areas.

“Thus, our monetary union will remain imperfect, will not be as prosperous as it could be and will face the risk of repeated crises if we fail to address our economic and political differences,” he said.

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