Draghi reminds that EU treaty does not allow monetary financing

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Source: Marketwatch

On Thursday's conference in Frankfurt ECB President Mario Draghi was questioned why the bank does not expand its bond purchase program. Draghi reminded journalists that European Union accord forbids monetary financing. He also emphasized that key decisions and political obligations should be taken by European leaders. According to Draghi, ECB is ready to help banking sector to achieve liquidity but it will not exceed its rights beyond EU treaty. 

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Thu, 08 Dec 2011 18:55:19 GMT

Obama expresses anxiety regarding proceedings in Europe

President Obama in his Thursday speech expressed worries about situation in Europe. Obama told he supported Sarkozy's and Merkel's idea to make stronger fiscal ties across Europe; however, the President emphasized fiscal union is a solution that may take years. Europe needs to resolve short term crisis immediately, he added. European region is rich enough to tackle crisis, but it must act jointly and responsibly. 

Thu, 08 Dec 2011 18:53:49 GMT

European Union banks to raise extra capital

According to region regulators' documentation, European banks are required to raise 114.7 bn euros ($152.7 bn) in order to adequately react to measures introduced to tackle debt-crisis. Italian banks need €15.4 billion, while German financials need €13.1 bn. In total European banks must raise around €8bn more than earlier was estimated by European Banking Authority.

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