Draghi urges eurozone nations towards fiscal union

European Central Bank (ECB) President Mario Dragh has warned risks facing the eurozone will increase unless governments adopt a closer fiscal union.

Draghi, presenting the ECB's 2010 Annual Report in the European Parliament, said  eurozone leaders must adopt fiscal union to restore confidence in markets. "What I believe our economic and monetary union needs is a new fiscal compact - a fundamental restatement of the fiscal rules together with the mutual fiscal commitments that euro area governments have made," said Draghi. He added the ECB will only snap up a 'limited' amount of government debt from periheral nations and restated the bank's central role is to control inflation. Draghi's downbeat speech sent the Dow Jones back in...