ECB's Draghi calls for new eurozone "fiscal" tool to fight crises

FLORENCE: The euro zone needs a new, common "fiscal instrument" if it is to ensure its member countries are not pulled apart by an economic shock, European Central Bank President Mario Draghi said on Friday.

"We need an additional fiscal instrument to maintain convergence during large shocks, without having to over-burden monetary policy," Draghi said.

"Its aim would be to provide an extra layer of stabilisation, thereby reinforcing confidence in national policies."