Getting your player ready...
FRANKFURT —The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the financial crisis.
Mario Draghi said Thursday that the crisis had exposed the inadequacy of the financial and economic framework set up for the euro monetary union launched in 1999.
Draghi said the central bank had done what it could to fight the 2½-year-old debt crisis by reducing interest rates and giving $1.2 trillion in emergency loans. But it was now up to governments to reduce deficits and strengthen the euro’s basic institutions.
