December 19, 2011
Activists of the Occupy Frankfurt movement have set up a fire place near the Euro sculpture in front of the European Central Bank
The European Central Bank has warned that the eurozone debt crisis could spread to engulf further member states, creating risks to financial stability that could reverberate around the world
“Contagion of euro area sovereign debt strains remains the most pressing risk for financial stability in the euro area, the European Union and even across the globe,” said the ECB’s latest eurozone financial stability review, released on Monday.
The comments hinted at ECB concern over politicians’ failure to bring the crisis under control, and at the danger of countries’ fiscal austerity plans being derailed by domestic politics. Separately, Mario Draghi, ECB president, told the European parliament in Brussels that draft changes to European treaties strengthening fiscal rules were a “first step” but could be “made much better”. Many EU leaders believe that Mr Draghi’s approval of the treaty’s “fiscal compact” is a prerequisite to more ECB intervention in eurozone bond markets.
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