FRANKFURT, Germany – European Central Bank head Mario Draghi is warning legislators the shared euro currency is "a half-built house" and remains "fragile" without action to overcome its shortcomings.
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Draghi told members of the European Parliament at a hearing Monday that political leaders must not let worries about security push aside economic reforms.
He said that the euro "will have to overcome the vulnerabilities stemming from its incompleteness. One important lesson from the crisis is that a half-built house is not stable, it is fragile."
The 19-country eurozone has struggled with low growth and excessive public and private debt. It lacks a common fiscal purse big enough to even out recessions in any one member country and common deposit insurance to stabilize banks. Changes have been proposed but action has lagged.