France and Germany 'disagree on ECB's crisis role'

17 November 2011

France and Germany remain in disagreement with regard to the European Central Bank's (ECB) role in resolving the eurozone debt crisis.

Earlier this week, it emerged that the institution had been conducting a period of bond purchasing in both Spain and Italy in an attempt to calm the turmoil seen across the continent.

However, this did not succeed in providing an antidote to the issue and France has now reiterated its stance that the ECB should be more proactive in its attempts to help member states financially.

Valerie Pecresse, French government spokeswoman, noted that the institution must not only protect the euro, but also ensure the "financial stability of Europe", Reuters reports.

However, this view is not shared by Germany, as chancellor Merkel feels EU rules would be contravened if the ECB played a bigger role.

This comes after US Treasury secretary Timothy Geithner stated that eurozone countries are edging towards a credible resolution plan.

By Asim Shah

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