An ECB spokesperson wouldn't confirm nor deny the report but told CNBC that it was "normal" for Draghi to talk to other European central bank chiefs before they meet as members of the ECB governing council.

And earlier, German Chancellor Angela Merkel and French President Francois Hollande pledged to do all in their power to protect the euro after discussing the latest events in the debt crisis by telephone. European shares finished higher and the euro rallied to a session high against the dollar on the heels of the announcement. ( Read More: Did Draghi Just Give Investors an Exit Point? )

“It would help if Merkel and Hollande tied themselves to the mast of the euro, just like Draghi did," said Peter Fisher of BlackRock.

On the economic front, consumer sentiment came in slightly better than expected in July, according to the Thomson Reuters/University of Michigan's final reading. Still, the level hit its lowest this year .

And GDP expanded at a 1.5 percent annual rate in the second quarter, according to the Commerce Department said on Friday. Still, the reading marked the weakest pace of growth since the third quarter of last year.