Draghi: The Eurozone is Unsustainable

I’m going to put this in my “things that are true but you shouldn’t say while running a central bank” file:

In a warning to political leaders, Mr. Draghi told members of the European Parliament on Thursday that the central bank is reaching the limits of its powers and now it is up to politicians to move quickly and decisively because the survival of the euro, the Continent’s common currency, is at stake. The structure of the currency union, he said, had become “unsustainable unless further steps are undertaken.”

Some observations are best left to the economics bloggers. This kind of talk from officials is not going to halt runs on Spanish banks, and just may inspire Irish and Greek voters to act in unhelpful ways.