An Italian Tsar

Mario Draghi backs Wolfgang Schaeuble's 'super commissioner' plan

Mario Draghi told Spiegel that he "completely supported" a plan drawn up by German Finance Minister Wolfgang Schaeuble to bolster the power of the EU's economic and monetary affairs commissioner.

Mario Draghi told Spiegel that he "completely supported" a plan drawn up by German Finance Minister Wolfgang Schaeuble to bolster the power of the EU's economic and monetary affairs commissioner.

"I am certain: if we want to restore confidence in the eurozone, countries will have to transfer part of their sovereignty to the European level," Draghi told Spiegel in comments published in German.

"Governments have taken steps that would have been unthinkable a year ago. That is progress but it is not enough," added the powerful central bank chief.

He also insisted that European rules on economic governance be respected, which he noted had not always happened in the past.

Since the outbreak of the eurozone debt crisis three years ago, the European Union has taken unprecedented measures, including creating a fiscal treaty between them, setting up a huge joint bailout pot and moving towards a banking union next year.

"Several governments have not yet understood that they lost their national sovereignty long ago. Because they ran up huge debts in the past, they are now dependent on the goodwill of the financial markets," Draghi said.

German finance minister Schaeuble suggested earlier this month that the EU's economics commissioner be given more autonomy in the policing of countries' budgets and the power to intervene if necessary.

EU leaders will gather in Brussels on December 13 and 14 to thrash out a framework for the future running of the 27-nation Union on the basis of a report being drawn up by Draghi and three other senior EU politicians.

Draghi also reiterated his defence of the ECB's disputed programme of buying the bonds of debt-wracked countries to drive down their borrowing costs, which has proved unpopular in Germany.

He hit back at the charge the scheme would lead to inflation and stressed his determination to keep price rises in check.

"My family once lost a large part of its savings through inflation. So you can be sure that I champion price stability not just for professional reasons but also for personal reasons," said the Italian.