European Central Bank (ECB) president Mario Draghi has called on EU leaders to decide on a long-term vision for the future of the eurozone, the Wall Street Journal reports.

He urged them to come up with detailed plans for a more centralised "banking union" to prevent failed banks from threatening the financial system and criticised national regulators for the poor handling of their national banks, according to the paper.

Draghi said that governments need to take responsibility for their finances to make it easier for the bailout fund's resources to be rolled out.