Draghi Urges Immediate EFSF Implementation to Stop Debt Crisis

Incoming European Central Bank President Mario Draghi called for “immediate implementation” of the euro area’s rescue fund, warning that it’s up to nations to ultimately solve the sovereign-debt crisis.

Europe needs “immediate implementation of financial support to manage the crisis,” Draghi said in a speech today at a conference in Rome today, referring to the European Financial Stability Facility. “Without a definitive and lasting answer from national” governments “to boost growth and fix public finances,” the debt crisis won’t be solved.