Draghi calls on EU leaders for ‘brave leap’

The ECB President Mario Draghi called for greater fiscal union on the 24 May 2012 in a speech in Rome.

Europe’s political leaders need to make a 'brave leap' towards greater fiscal union to address the eurozone’s deepening debt crisis.

Mario Draghi said his institution may have bought the eurozone time through its massive injection of cash into Europe’s banking system and sovereign bond markets but now it needed to embrace much closer integration. 'We have now reached a point where the process of European integration needs a brave leap of political imagination'.

ECB: Press Release, 24.5.12: A route for Europe. Address by Mario Draghi, President of the ECB at the day in memory of Federico Caffè organised by the Faculty of Economics and the Department of Economics and Law at the Sapienza University Rome, 24 May 2012 http://www.ecb.int/press/key/date/2012/html/sp120524_1.en.html

ESO: Background information: Informal European Council, Brussels, 23 May 2012: European leaders delay key decisions http://www.europeansources.info/record/european-leaders-delay-key-decisions/

EurActiv, 1.6.12: Leaders in stark warning over euro zone 'survival' http://www.euractiv.com/euro-finance/euro-survival-risk-leaders-warn-news-513069

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