Draghi Mentions "Fiscal Transfers Between Richer and Poorer Regions" As Greece Vote Nears

Sounding like a politician making a stump speech before an election, Mario Draghi, president of the European Central Bank, said there is a major misconception about the eurozone monetary union.

The eurozone is a political union, not just a monetary union. Citing the willingness to solve collective problems, Draghi wrote in a Project Syndicate opinion piece that the eurozone is more resilient than many thought, and this is because people doubted and misjudged the political dimension. His comments come at a particularly tense moment, as Greece is on the verge of holding snap elections that could result in an unfriendly government taking control.