Draghi Tells EU Leaders To Kickstart European Bonds

The EU needs to start the journey towards a common European bond, Italy's Prime Minister Mario Draghi told bloc leaders Thursday, MNI understands. Accepting it was a long-term goal, Draghi, formerly President of the ECB, said 'it's important to have a political goal' in place. A veteran of the GFC and the following eurozone debt crisis, Draghi also said a top priority for all leaders was to ensure no mistakes were made during the economic recovery from Covid-19.

• He pointed to the U.S. as an example of the fiscal framework needed, where there is a capital markets union, a complete banking union and a safe asset, a source noted. Draghi, who once famously said the ECB would do 'whatever it takes' to maintain the euro, said these three things underpinned the dollar's international role.
• EU leaders had earlier reaffirmed their calls for a strengthening of the international role of the euro, looking to enhanced 'strategic autonomy' - although current ECB head Christine Lagarde said this did not mean currency competition or protectionism.