ECB's Draghi: Facing challenges that can only be addressed by countries in Europe acting together

ECB's President Mario Draghi is on the wires from Switzerland, stating that Europe must act together to deal with challenges.

Key quotes from the speech:

• The problems that our countries need to sort out are not the same as in 1950. But the method remains the same: a transfer of power to common institutions, majority rule and a common approach to finding a solution to problems are the only answer in our current state of crisis
• I emphasise this not to revisit Monnet’s extraordinary contribution to the history of our continent. It is because there are aspects of his method which remain crucial to guide our action in Europe today: namely, its focus on effectiveness, its insistence on subsidiarity, its sense of direction, and its concern for democratic backing.
• But we know that European integration still raises doubts. Some question whether, with war in Europe now unthinkable, working together within common institutions remains the best solution to the nature of the challenges we face. Yet if we apply Monnet’s rationale for common action – to make states more effective in delivering their remit – the answer to that question is clear. His approach is even more necessary now than it was then. And this is for three key reasons.