European Central Bank President Mario Draghi endorsed proposals by German Finance Minister Wolfgang Schaeuble for a commissioner that has power over European Union nations' budgets.
"I am fully in favor of it," Draghi said in an interview with Germany's Der Spiegel, according to a transcript published Sunday by the Frankfurt based-ECB. "Governments would be wise to seriously consider it" as "in order to restore confidence in the euro area, countries need to transfer part of their sovereignty to the European level."
Finland and the Netherlands backed Germany at an Oct. 18-19 summit of European leaders in maneuvering that will climax at a Dec. 13-14 meeting to set deadlines — possibly as long as a decade — for a more united economy with more disciplined budget management and central oversight. Draghi also sought to alleviate German concerns about the ECB's bond-purchasing program by pledging that it would not engage in "uncontrolled" market interventions.
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