Reuters: Regulatory News: ECB's Draghi says euro zone needs fiscal union for joint bonds

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ECB's Draghi says euro zone needs fiscal union for joint bonds May 24th 2012, 00:19 BRUSSELS | Wed May 23, 2012 8:19pm EDT BRUSSELS May 24 (Reuters) - Issuing jointly backed European debt would not make sense until the euro zone reaches some kind of fiscal union, the European Central Bank's President Mario Draghi said on Thursday at the end of a meeting of EU leaders. "Euro bonds make sense when you have a fiscal union, otherwise they don't make sense. They are the first step towards a fiscal union," Draghi told reporters in Brussels

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