The current liquidity support measures being used by the European Union to stem the region’s banking and sovereign debt crisis won’t be enough, World Bank President Robert Zoellick told CNBC.
The markets have been hoping for further monetary stimulus from the Federal Reserve to ease global growth concerns, but Zoellick indicated that monetary policy alone won’t do the job. Instead, he said a solution to Europe’s crisis needed to be found in order to deal with the crisis.
“This one is really even beyond the finance ministers’ pay grade. These are going to be the decisions that have to be made by the heads of government and supported by their parliaments.”
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