Outgoing ECB President implies Germans are wrong. Eurozone governments especially Germany need to invest in Eurozones future or it will not have a future. The ECB has very few risk management tools left to save the Euro. If the Germans believe in the Euro they need to back it by unleashing massive spending.
Draghi says Eurozone countries need to open up government spending as Eurozone interest rates and quantitative easing QE is not going to work anymore.
Euro area governments like German have plenty of cash they could invest but they do not want to bail out southern European countries economically any more. Higher euro area government spending is needed urgently to prevent the Eurozone area collapsing.
Draghi is currently Europes top banker but will soon be replaced by ex-IMF leader Christine Lagarde. She is being encouraged by German politicians and bankers to reverse Draghis cheap money project to help southern European countries to recover from the financial crisis more than a decade ago. His new eurozone economic stimulus package is an attempt to stop the Eurozone sliding into a recession.
Eurozone area governments need to help boost economic activity with government spending according to Draghi. In addition he wants higher taxation to facilitate more government spending without borrowing too much. If governments do not do more and ECB economic recovery tools are exhausted the Eurozone could collapse starting with weak Eurozone banks.
Most southern Eurozone countries are still struggling with punishingly high unemployment levels especially youth unemployment.
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