ECB head said euro needs strengthened foundations, says proposals coming soon

June 15, 2012 - 4:19 AM

FRANKFURT - European Central Bank head Mario Draghi says it's now up to the European Union to make the political choices needed to strengthen the euro — and proposals will be coming soon.

Draghi said Friday the ECB has supported banks against the ongoing debt crisis with €1 trillion in emergency credit and that now "political choices have become predominant over monetary policy instruments."

He said that the shared currency needs "strengthened foundations" — and that will require yielding more national powers over financial and economic policy to supra-national bodies.

Draghi added that he and other top officials working on proposals for a revamped euro will have something "very soon" and that "all the work we are doing is in view of the upcoming summit" of EU leaders June 28-29.

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