ECB President Mario Draghi supports more powers for EU economics commissioner

Brussels, Belgium (4E) – European Central Bank (ECB) President Mario Draghi backed the plan by German Finance Minister Wolfgang Schaeuble for a commissioner who will oversee the budgets of the euro zone countries.

In an interview with Germany’s Spiegel, Draghi said that he completely supported Schaeuble’s proposal to widen the scope of the European Union’s economic and monetary affairs commissioner’s responsibilities.

Earlier this month, Schaeuble proposed that more autonomy be given to the commissioner over the countries’ budgets and the ability to intervene when needed.

The Netherlands and Finland have supported Germany for more integration between euro zone economies with central oversight to implement fiscal discipline.

Draghi also tries to downplay concerns by Germany about the ECB’s bond-purchasing program, vowing that it would not be intervening in the markets uncontrollably.

When details of the plan first came out in September at the time when Spanish and Italian interest rates had surged, the ECB president was widely criticized by Europe’s largest economy.

Draghi said that unlimited does not imply uncontrolled, in reference to the bond-buying scheme. He added that the ECB will only purchase bonds from those countries that have strictly complied with conditions.

When the European debt crisis broke out three years ago, the EU has taken several measures like forging a fiscal treaty among its members and creating a massive bailout fund. Next year, member countries are moving toward a banking union.

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