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Looking for solutions, not more national problems


ECB President Mario Draghi discouraged expectations that the bank would massively step up buying of government bonds if European Union leaders agree on moves towards closer fiscal union at a crucial Brussels summit.

He said the euro zone's EFSF rescue fund should remain the main tool to fight bond market contagion, despite the limits of its leverage, and added that it was illegal for the ECB or national central banks to lend money to the IMF to buy euro zone bonds, appearing to veto one firefighting option under active consideration.

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