MNI BRIEF: 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.