Bloomberg News

Draghi Says Budget Pact is First Step Towards Fiscal Union

January 31, 2012

Jan. 31 (Bloomberg) -- European Central Bank President Mario Draghi said an agreement by European leaders on tighter fiscal rules paves the way to a fiscal union.

“We welcome the fiscal compact reached by the Heads of State and Government, Draghi told reporters after a summit of leaders in Brussels yesterday. ‘‘It is the first step towards the fiscal union. It certainly will strenghten confidence in the euro area. We also welcome the entry into force of the ESM Treaty in July 2012.’’

To contact the reporter on this story: John Fraher in Davos, Switzerland at

To contact the editor responsible for this story: Jones Hayden at

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