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Reply #19: ECB hints at action if euro zone adopts fiscal pact [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 07:39 AM
Response to Reply #8
19. ECB hints at action if euro zone adopts fiscal pact
http://uk.reuters.com/article/2011/12/01/uk-eurozone-id...

(Reuters) - The new head of the European Central Bank signalled Thursday it was ready to take stronger action to fight Europe's debt crisis if political leaders agree next week on much tighter budget controls in the 17-nation euro zone.

Speaking a day after the world's major central banks took emergency joint action to provide cheaper dollar funding for starved European banks, Mario Draghi painted a dark picture of the state of the banking system.

"A new fiscal compact would be the most important signal from euro area governments for embarking on a path of comprehensive deepening of economic integration. It would also present a clear trajectory for the future evolution of the euro area, thus framing expectations," he told the European Parliament.

Draghi did not spell out what action the ECB might take, but it is under huge political and market pressure to massively step up purchases of euro zone government bonds or lend money to the IMF to support ailing Italy and Spain.
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