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ECB’s Draghi calls for new eurozone “fiscal” tool to fight crises

ECB's Draghi calls for new eurozone © Reuters. European Central Bank (ECB) President Mario Draghi holds a news conference following the governing council’s interest rate decision at the ECB headquarters in Frankfurt

FLORENCE (Reuters) – The euro zone needs a new, common “fiscal instrument” if it is to ensure its member countries are not pulled apart by an economic shock, European Central Bank President Mario Draghi said on Friday.

“We need an additional fiscal instrument to maintain convergence during large shocks, without having to over-burden monetary policy,” Draghi said.

“Its aim would be to provide an extra layer of stabilization, thereby reinforcing confidence in national policies.”

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Source: Investing.com

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