Friday, June 1, 2012

ECB: Euro 'unsustainable' without action

NEW YORK (CNNMoney) -- The head of the European Central Bank said Thursday that the configuration of Europe's common currency will become "unsustainable" if policymakers do not take action.

ECB President Mario Draghi told the European Parliament that European Union leaders need to "clarify the vision" for the future of the troubled euro currency union.

Draghi stressed that the ECB, which is tasked with maintaining price stability, cannot make up for a lack of decisive action by government policymakers.

"Can the ECB fill the vacuum left by the lack of euro area governance?" he asked. "The answer is no." Read More