Draghi Backs Plan for Eurozone Budget Commissioner

ECB president endorses proposal by German Finance Minister.

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.”

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