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- David Riley, the head of sovereign ratings at Fitch
The European Central Bank should boost its bond purchasing programme to support the third largest euro zone economy, Italy, and avert a "cataclysmic" collapse of the euro, said David Riley, the head of sovereign ratings at Fitch, on Wednesday.
"The end of the euro would be cataclysmic. The euro is a reserve currency," Riley said. "What would that do in terms of financial and political stability?"
"It is hard to believe the euro will survive if Italy does not make it through," he said, adding that while some investors see Italy as too economically and politically valuable to be allowed to collapse, "one might also argue that it is too big to rescue."
"Can the euro be saved without more active engagement from the ECB? Quite frankly we think no," added Mr. Riley.