European Commission President Jean-Claude Juncker wants the euro area to move toward creating a common treasury by 2025, according to a report endorsed by European Central Bank (ECB) President Mario Draghi and other senior officials.

National governments would keep control over specific tax and spending decisions under Juncker's vision for the future of economic and monetary union. At the same time, "some decisions will increasingly need to be made collectively" and a common treasury may be needed, said the so-called "five presidents" report, released on Monday in Brussels.

"We need to address the fragilities of our economies; to ensure that divergence will become convergence again; and to safeguard the irreversibility of monetary union," Draghi said in a statement. He called for a "quantum leap" in European integration leading to "joint decision-making within common institutions" instead of coordination by rules.

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