ECB chief Draghi urges speedy implementation of steps toward full eurozone banking union

The head of the European Central Bank is urging the 17 European Union countries that use the euro to move swiftly toward completing a full banking union to stabilize the bloc's financial sector.

Mario Draghi told the EU parliament Tuesday that it is of "utmost importance" to pass the legal prerequisites for a centralized banking oversight under the aegis of the ECB before the summer.

He says Europe must then move to set up the next "key element" of the new system — a joint resolution mechanism that would restructure or wind down failed banks and minimize costs to taxpayers.

That step faces reluctance from officials in Germany, who fear they might have to pick up the bill for bailing out banks in other European nations.