Debating the activities of the ECB with MEPs, ECB President Mario Draghi pledged to work towards a genuine Economic Union. "Economic convergence has not been as sustainable as it was hoped for at the outset. This still puts at risk the long-term success of the monetary union when faced with an important shock", he said.
According to Mr Draghi, two complementary responses are needed. Firstly, the economies of the euro area need to become more resilient through sound public finances and decisive reforms of their economic structures." Fully applying the strengthened economic governance framework will support this objective", he believes. "And secondly we need to move from a system of rules for national economic policy making to a system of further sovereignty sharing within common institutions to strengthen our economic policy governance. A common rule is only as strong as the common institution that can enforce it", he said.
The wrap-up of the live Twitter coverage of the debate @EuroparlPress is available at the link on the right-hand side.
The ECB’s annual report for 2013 was assessed in a report, drafted by Pablo Zalba Bidegain (EPP, ES) for Parliament’s Economic and Monetary Affairs Committee, which is to be put to a vote by Parliament as a whole at a plenary session in March.