Draghi: Euro zone needs more shared sovereignty

FRANKFURT (MarketWatch)
Euro-zone leaders have made important progress on reforms aimed at addressing the causes of the region's debt crisis, but must continue to press toward deeper integration, European Central Bank President Mario Draghi told a European Parliament committee on Monday
Those steps include increased sharing of fiscal and financial sovereignty, he said, while praising a roadmap to tighter fiscal union outlined by European Council President Herman Van Rompuy ahead of the June European Union summit
Draghi said the summit sent an important message that leaders have a long-term vision for the shared currency
That message is centered on the idea that the euro "is here to stay and the euro area will take necessary steps to ensure that," he said