May 22, 2012
International Monetary Fund head Christine Lagarde added to the debate Tuesday calling on euro-zone governments to accept more common liability for each other's debts, saying that the region urgently needs to take further steps to contain the crisis.
"We consider that more needs to be done, particularly by way of fiscal liability-sharing, and there are multiple ways to do that," Ms. Lagarde told a press conference in London to mark the completion of a regular review of U.K. finances.
Her comments came an hour after the Organization for Economic Cooperation and Development had, for the first time, endorsed joint bond issuance in its latest Economic Outlook.
Support from two international, multilateral organizations for the idea is likely to intensify the pressure on German Chancellor Angela Merkel to drop her resistance to it when European Union leaders meet for an informal dinner Wednesday evening in Brussels.
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