Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

ECB Is Most Likely Savior in Euro Crisis, Fitch’s Riley Says

Dec. 1 (Bloomberg) -- The European Central Bank remains the most likely institution to come to the aid of heavily indebted euro-area nations, said David Riley, the head of Fitch Ratings’ sovereign-debt unit.

Many shareholders in the International Monetary Fund “will look at what’s going on in Europe and say that these are pretty wealthy countries and they should be able to sort this out themselves,” Riley said in an interview today with Bloomberg Television’s Maryam Nemazee. “The ECB is the only pan-European institution that can provide the bridge financing to the new euro zone.”

The ECB has so far mostly taken the view that the euro region’s problems are fiscal, not monetary, Riley said. European leaders may take steps at a Brussels summit next week toward a closer fiscal union to persuade the ECB to play a more activist role in the crisis, he said.

“At the December 9 summit they will be looking less to impress the markets than to impress the ECB,” Riley said.

To contact the reporter on this story: Gregory Viscusi in Paris at gviscusi@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.