EU Officials Urge Tighter Fiscal Rules for Euro Countries
02 December 2011
Italy's Prime Minister, Mario Monti,left, talks with President of the European Central Bank Mario Draghi, before a meeting of EU finance ministers in Brussels.
This is the VOA Special English Economics Report.
Stock prices around the world rose and fell this week on news of efforts to help countries using the euro.
The European Central Bank took action Wednesday to support the worldwide financial system. Central banks in Britain, Canada, Japan, Switzerland and the United States also acted.
The banks made it less costly for other countries to borrow American dollars. The United States Federal Reserve said the joint effort was meant to help central banks in Europe provide financial support to nations that need it. The action sent American stock measures up more than three percent.
On Thursday, European Central Bank President Mario Draghi suggested that the ECB may provide new financial support for European countries struggling with debt. But first, he said, euro-area countries must establish trust by enacting big financial reforms. He called for a new fiscal compact, or financial agreement.
MARIO DRAGHI: "A credible signal is needed to give ultimate assurance over the short term. What I believe our economic and monetary union needs is a new fiscal compact, a fundamental restatement of the fiscal rules together with the mutual fiscal commitments that euro area governments have made."
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