ECB's Chief Draghi: Time for More Integration

AMSTERDAM (AP) — European Central Bank President Mario Draghi says current rules limiting European Union member states’ budgetary policies — notably deficit spending — are not sufficient, and states should surrender some sovereignty in some economic policy areas, notably labour laws.

In an interview with Dutch newspaper De Telegraaf published Saturday, Draghi said “economic policy cannot be a purely national matter” because of the impact European countries’ policies have on each other.

Draghi’s office confirmed the remarks were accurate.

In the same interview, Draghi said that a further decline in price inflation in the eurozone could be a reason for his office to begin buying government debt, as well as private loans, in a so-called “quantitative easing” program similar to those undertaken in the U.S. and Japan.