Banks and governments across Europe must now take full responsibility for the resolution of the region's debt crisis.
That is according to Mario Draghi, president of the European Central Bank (ECB), who insisted his organisation and other external bodies have done all they can to assist ailing states on the continent.
Mr Draghi said in a speech delivered at the European Parliament that "the ball is entirely, squarely in the court" of financiers and administrations when it comes to stimulating the economy.
"We've had a fiscal compact. Right now what is most present in my mind is to have a growth compact," he added.
The official went on to note it is not under the ECB's remit to boost growth, but instead to make sure prices remain stable.
This comes after Reuters reported yesterday that the European Union is set to have a 6.8 per cent higher budget next year.
By Asim Shah