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News Link • Economy - International

European bank chief urges action on rescue fund

• Reuters

The ECB is under intense pressure to play a greater role in tackling the euro zone crisis. A Reuters poll of 50 bond strategists in Europe and the United States gave an even probability that it would eventually agree to print money.

But Draghi put the onus firmly on governments, saying they had failed to put into practice decisions underpinning the European Financial Stability Facility -- the rescue fund which they have promised to give more firepower without yet explaining how.

"Where is the implementation of these long-standing decisions?" Draghi said at a banking conference in Frankfurt. "We should not be waiting any longer."

Many analysts believe the only way to stem the contagion in a crisis that began with Greece but now risks engulfing Italy, Spain and even France is for the ECB to buy up large quantities of bonds, effectively the sort of 'quantitative easing' undertaken by the U.S. and British central banks.


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