Mario Draghi: Europe not moving towards federal 'super state' A single market requires a supranational organisation. The difficult question in Europe is what degrees of power must be transferred to the supranational level to support the single market. I argue that a single market necessarily has political implications, in which a partial sharing of individual and national sovereignty can be the best means to preserve that sovereignty. His comments come against growing public support in some member states such as Germany for withdrawal from the troubled eurozone. Draghi also defended new EU fiscal rules, including giving the European Commission the right to inspect national budgets, saying they will make monetary union "more robust." These changes do to some extent represent a transfer of powers to the European level. But as with banking union, I do not view it as a loss of sovereignty. Addressing an audience on the 'international political economy,' Draghi said those, both in America and Europe, who had predicted the downfall of the euro had been proved "wrong." In the dark days of the crisis, many commentators on this side of the Atlantic looked at the euro area and were convinced it would fail. There were wrong in their medium term macro view. The euro area has created 600,000 more jobs than the US since 1999. But they were wrong in a more fundamental way. They had underestimated the depth of Europeans" commitment to the euro. They mistook the euro for a fixed exchange rate regime, when in fact it is an irreversible single currency. And it is irreversible because it is born out of the commitment of European nations to closer integration.