(Reuters) - Describing the euro zone economy as "steadily recovering", European Central Bank President Mario Draghi called on Monday for a "quantum leap" in European integration so countries share more sovereignty.
A week after the ECB began printing money to buy sovereign bonds, Draghi said the bank's stimulus, lower oil prices and structural reforms in euro zone economies were helping support growth in the 19-country bloc.
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Euro zone countries had not yet converged sufficiently to dispel doubts about the bloc's cohesion, said Draghi, stressing: "We have now integrated too much to even entertain reversing the process – our economies are far too intertwined."
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"In sum, my conclusion is that there must be a quantum leap in institutional convergence," Draghi said.
"We need to move from a system of rules and guidelines for national economic policy making, to a system of further sovereignty sharing within common institutions," he added.
