Markets
|
Ireland says ECB should be lender of last resort
PARIS
PARIS Dec 14 Ireland's European Affairs Minister Lucinda Creighton said on Wednesday that the European Central Bank should become a lender of last resort as the euro zone battles to overcome a devastating sovereign debt crisis.
Creighton told Reuters after meeting on Tuesday evening with France's Europe Minister Jean Leonetti that Ireland's position is close to that of France, which has pressed in past weeks for the ECB to do more to stem the crisis.
"Ideally (I would like to see) a very clear declaration from the ECB that it is prepared to do whatever is necessary to save the currency, and it is the ultimate backstop," Creighton said. "I don't think we're there yet but I feel we will end up there."
Many analysts say the ECB should behave more like the U.S. Federal Reserve would, by buying euro zone bonds en masse or issuing common euro bonds, although Paris has rowed back its public stand recently, saying the ECB must stay independent.
