Wall Street Journal
October 26, 2011
European Union authorities must “immediately” activate facilities to confront the crisis, but each national government has to take “resolute and lasting” action to stabilize its own public finances, text president of the European Central Bank said Wednesday.
Without appropriate action by euro area member states, special facilities will be just a “palliative,” Bank of Italy Governor Mario Draghi said in his last speech in Rome.
Draghi, who takes the ECB’s helm in November, said that assuring price stability and anchored inflation expectations remained “essential” for the central bank.
The ECB has taken unconventional actions as well but these are by their nature temporary, he added.
Activity in the euro area is currently expanding at a subdued rate and downside risks to the euro area economy are “significant,” Draghi said.
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