ECB Chief Criticises Brexit, Says EU Protects Members’ Sovereignty
BRUSSELS (Sputnik) - European Central Bank (ECB) President Mario Draghi has blasted Brexit as exposing the UK to significant risks, warning other EU and Eurozone member states against calls for greater policy independence.
Draghi says that leaving the EU or the Eurozone would not enhance the national sovereignty of a former member state in an apparent jab at Brexit.
Draghi said that the EU also shields its member states from the uncertainty and other challenges related to globalization of the world economy.
In his speech in Bologna, Draghi defended the European integration project, saying that EU institutions and legal protections help member states offset the political and economic risks posed by potentially hazardous events and developments. Among such things, Draghi focused on Brexit and the recent rise of right-wing populism across the developed world.
Draghi suggested that greater regionalization is the best way for smaller countries to assert their national interests in the global arena, which is increasingly dominated by economic heavyweights such as China or the U.S.
Draghi says that leaving the EU or the Eurozone would not enhance the national sovereignty of a former member state in an apparent jab at Brexit.
Draghi said that the EU also shields its member states from the uncertainty and other challenges related to globalization of the world economy.
In his speech in Bologna, Draghi defended the European integration project, saying that EU institutions and legal protections help member states offset the political and economic risks posed by potentially hazardous events and developments. Among such things, Draghi focused on Brexit and the recent rise of right-wing populism across the developed world.
Draghi suggested that greater regionalization is the best way for smaller countries to assert their national interests in the global arena, which is increasingly dominated by economic heavyweights such as China or the U.S.