Eurozone 'to step up rescue efforts'

19 December 2011

Policymakers across the eurozone will make steps towards resolving the region's debt crisis this week, an official has pledged.

Vittorio Grilli, Italian deputy economy minister, believes the continent's financial situation will improve markedly in the coming days after new control measures are implemented.

During a newspaper interview, Mr Grilli indicated that increased long-term liquidity will be offered to banks across the continent and the International Monetary Fund, while fresh regulations will also help.

"We all know that Europe has not been able to convince markets that its governance set-up and its measures against the crisis were enough," he noted.

Mr Grilli went on to indicate that "more integration and more effective instruments" are needed for the region to recover fully.

Rating agency Fitch recently cast doubts over the future of the eurozone on the basis that not enough action is being taken to rejuvenate the area and this was shown in its decision to downgrade several banks, such as Barclays and Credit Suisse.

By Tony Aynsley

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