European Central Bank chief urges swifter action on bailout

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http://www.latimes.com/news/nationworld/world/la-fg-europe-economy-20110810,0,19690.story

Reporting from Frankfurt, Germany—
Hoping to head off investor fears that Spain and Italy could be the next European economies to collapse, the head of the European Central Bank on Tuesday urged parliaments in the 17-nation Eurozone to move faster in implementing spending cuts and approving a new bailout package.

ECB President Jean-Claude Trichet also defended the bank's decision to temporarily intervene to bring down soaring yields on the two nations' government bonds by purchasing an unspecified amount on the secondary market.

Though some analysts criticized the purchases, Trichet told French radio Europe 1 that the step was needed to ensure price stability amid Europe's worst economic crisis since World War II.

"What we have is a problem of confidence at the moment in the international economy,'' he said.







***can they pedal any faster?