The European Union will grind to a halt in a mire of ever-worsening unpopularity if it fails to tackle inequality, tighten external borders and co-ordinate defence policies, according to European Central Bank President Mario Draghi.
Anti-globalisation forces are closing borders and reversing progress made in recent years, he said, with policies which ‘have at times been reminiscent of the interwar period: isolationism, protectionism, nationalism’.
The message is a stark warning from the ECB’s chief, who has taken a new tack to push politicians to act. He has spent several years telling governments that they should use the breathing room granted by low interest rates to reform their economies to boost employment, productivity and growth.
But little of that has happened, forcing Mr. Draghi to resort to stronger language to describe economic problems as a threat to the political project’s viability.
This post was published at The Telegraph
Follow on Twitter
Recent Comments