Draghi renews calls for wider economic union in Europe

Mario Draghi

European Central Bank president Mario Draghi has called for the eurozone to deepen its mutual institutions to prepare for future economic shocks.

Draghi called for a publicly funded “backstop” for the eurozone’s single resolution fund in a speech in Florence on May 11. He also said there should be a single European deposit insurance scheme. Both policies have faced opposition from German policy-makers but are backed by French president Emmanuel Macron and other senior politicians in France.

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