ECB `needs to take action on debt crisis`

03.12.2011 [13:13]
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Baku, December 3 (AZERTAC). ThE European Central Bank needs to take aggressive action and the European Union must aim for fiscal solidarity to resolve the region`s debt crisis, a senior official at the Organization for Economic Cooperation and Development said yesterday.!

Rintaro Tamaki, a deputy secretary-general of the OECD, made the remarks a day after ECB President Mario Draghi signaled it stood ready to act more aggressively to fight Europe`s debt crisis if political leaders agree next week on much tighter budget controls in the 17-nation eurozone. !

Two years into Europe`s debt crisis, investors are fleeing the eurozone bond market, European banks are dumping government debt, south European banks are bleeding deposits and a recession looms, fuelling doubts about the survival of the single currency.!

To resolve the debt crisis, Tamaki, who served as Japan`s top currency official for two years until August, urged Germany to overcome domestic opposition to EU fiscal solidarity and aggressive action by the ECB.!

ECB `needs to take action on debt crisis`

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