The outgoing President of the European Central Bank (ECB), Mario Draghi, called on Monday 28 October for fiscal capacity for the euro area that does not lead to "excessive" moral hazard.
"We need a euro area fiscal capacity of adequate size and design: large enough to stabilise the monetary union, but designed not to create excessive moral hazard", Draghi said in Frankfurt at the handover ceremony for the incoming French President Christine Lagarde, which was attended by German Chancellor...