ECB boss Draghi: Eurozone countries should accept loss of sovereignity

European Central Bank (ECB) chief Mario Draghi is openly saying what eurozone political leaders do not - yet - want their voters to know: The member states will have to accept a loss of their sovereignity in favour of a central government.


Also part of his vision of a "growth compact," Draghi backed calls for a boost in the resources of the European Investment Bank and said EU funds needed to be "redirected" to low-income areas - ideas already floated by Francois Hollande, the frontrunner in the Sunday presidential elections in France.
"But the thirdly and most importantly is that we collectively have to specify a path for the euro. How do we see ourselves in 10 years from now ...We want to have a fiscal union? We have to accept the delegation of fiscal sovereignty from national to some form of central [government]," he said.
In getting there, politicians should however refrain from talking about a "transfer union" as a starting point, he said, in reference to richer countries automatically paying for poorer ones, a concept most loathed by Germany and its independence-wary Bundesbank.


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It is also worth noting that Draghi, while in reality calling for a transfer union ("EU funds needed to be "redirected" to low-income areas") urges politicians to refrain from using the words "transfer union", because Germans do not like it.

Draghis views are of course not surprising. He is just doing what the EU political leaders have done already for years -  misleading and misinforming voters - and keeping them out of the EU decision making process. What is perhaps new, is that the unelected Draghi is openly recommending this deeply undemocratic way of treating the citizens of Europe.