European Central Bank President Mario Draghi has called for new economic rules in the eurozone. These rules are designed to promote greater integration in the 18-nation currency region, with the point hopefully to stave off the economic disparities that led to the sovereign debt crisis among the periphery. The plan isn’t helping the euro’s performance much today, though.
It’s not a big surprise that the ECB is proposing some changes to the economic structure of the eurozone. Draghi and other ECB policymakers have long been interested in greater economic integration across the 18-nation currency region.
The outline calls for eurozone governments to take actions to improve the competitiveness of their economies, as well as provide greater economic integration across the involved countries, reforming the system to a degree that disparities, such as Finland rated as number three for competitiveness while Greece is ranked 91.
Draghi’s speech hasn’t provided much of a boost to the euro, though. Such reforms would be difficult to implement. On top of that, there is concern for the eurozone in general as trouble in Portugal reminds everyone that the latest crisis isn’t over.
At 13:36 GMT EUR/USD is down to 1.3609 from the open at 1.3641. EUR/GBP is down to 0.7948 from the open at 0.7951. EUR/JPY is down to 137.6675 from the open at 138.6510.
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