ECB president Draghi pushes for European banking union

European Central Bank President Mario Draghi has urged European governments to push on with reforms and banking union plans. Draghi added that the EU is more stable than a year ago, but challenges remain.

It is "imperative" that European leaders create a new banking union that would help ease the burden governments face with bailing out troubled banks, Draghi said in a speech on Thursday in London.

The union, said Draghi, would cut the link between failing banks and government. He said that link has been a major driver in the three-year European debt crisis.