Mario Draghi, President of the European Central Bank, said that national policies alone are not enough to end the financial crisis.
Speaking to bankers in the City of London on 23 May, Mr Draghi outlined the bank’s role in addressing the financial crisis.
“Major progress has been made in defining a vision and a path towards genuine economic and monetary union,” he said.
The benefits of an effective banking union would be large for all EU countries, not just those in the eurozone, he added.
“A more stable union will be one where financial contagion will have disappeared, where business for the financial centres will vastly increase, where financial market integration will resume,” he said.
However, more efforts are needed to end fragmentation of the eurozone and more rigorous application of existing rules is needed, he continued.
He also emphasised the importance of the EU to the UK economy and the importance of the UK to the EU.