Carney Says ECB QE Not Enough Without Fiscal Support

Bank of England Governor Mark Carney said the European Central Bank’s stimulus package will not be enough on its own to solve the euro-area’s economic ills and member states need to integrate more and loosen fiscal policy.

“The ECB alone cannot eliminate the risks of a prolonged stagnation,” Carney said in a speech in Dublin late Wednesday. “These exist primarily because, in most respects, the current construction of the euro area is unfinished.”