Mario Draghi, the President of the European Central Bank has finally admitted to something that any casual observer of the financial crisis knew months even years ago.

Speaking at the European Parliament Mr Draghi (right) said: “Can the ECB fill the vacuum of lack of action by national governments on fiscal growth? The answer is no. Can the ECB fill the vacuum of the lack of action by national governments on the structural problem. The answer is no.”

UKIP Leader Nigel Farage responded: “I wonder what took him so long?

“The bottom line is that as long as the Euro continues in its current form it will strangle the countries on its periphery while artificially bolstering the centre. It is a recipe for economic, political and civil disaster.”

“The ECB is not allowed to bail out the Euro under its own rules. It doesn’t have the financial firepower to do so even if it wanted to and, most importantly of all, when Greece finally staggers out of the Eurozone, the Bank will be bust.

“At that point all the countries of the European Union, not just the Eurozone, will be expected to write huge cheques to save it.

“There is no doubt that George Osborne will be willing do so, pretending that it will be in our national interest.

“The ECB was never going to be able to rescue the European Union on its own or in concert with the national Governments while the Euro hangs, like a tin albatross, around the Continent’s neck.”

Meanwhile, EU Vice President Vivian Reding flew in the face of logic, insisting monetary union is here to stay in speech to the 25th Congress of FIDE (Fédération International pour le Droit Européen) in Tallinn, Estonia.

“Monetary Union is as good as set in stone. It is forever,” she said.

“National currencies were forever abolished with the introduction of the euro. A re-introduction of former national currencies is thus neither foreseen in the Treaties nor is it legally possible under EU law. “

Mr Farage replied: “It is hard to conceive of anything more arrogant, misconceived or plainly fantastical than to claim that something, anything, designed by mankind, especially politicians will last ‘forever’.

“It shows that the European Commission has truly and fatally lost the plot. The hubris displayed by Ms Reding is quite extraordinary. She and they are hunkered down in their bunker throwing stones to stop the rising tide. It just doesn’t work.”