European Union Economic and Monetary Affairs Commissioner Olli Rehn said while the European Central Bank’s actions have been “important,” more needs to be done to fight the region’s fiscal crisis.
“I find the ECB actions very important in order to avoid a credit crunch and to facilitate some more favourable bond auctions such as of Italy and Spain,” Rehn said at the World Economic Forum in Davos, Switzerland, today. “The ECB actions are important but not enough and that’s why we need to have the focus on a new fiscal compact. We need stronger financial firewalls. I expect it to come to a positive conclusion.”
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