Draghi warns euro is a 'half-built house,' remains 'fragile'

IndustriesAssociated Press

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.

Draghi told members of the European Parliament at a hearing Monday that political leaders must not let worries about security push aside economic reforms.

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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.