FX.co ★ Draghi calls for EU leaders to protect single market

European Central Bank President Mario Draghi called for leaders of European countries to create a single European market. In his appeal, the official underlined the necessity to complete this project soon and protect it from possible negative impacts.

“A free and single market is not anarchy: it requires that all its members are subject to the same laws and rules; and that they all have recourse to the same courts where those laws can be applied uniformly”, said the ECB president. According to Draghi, this market is one of the greatest achievements of the European integration. However, to finish this process, the European leaders need to gradually loosen current economic control. Interestingly, such measures take place amid a loss of authorities’ trust in the financial institutions of the European Union. “There are many areas in which Europe does not need to get involved,” Mario Draghi pointed out. “But there are also important areas where it clearly needs to, and where European initiatives are not just legitimate, but even essential. Today this notably includes the fields of migration, security and defense.”

These tasks require solid cooperation and joint efforts. And it seems the single European market project has high chances of success given the ECB’s right attitude and Draghi’s pragmatic approach.