ECB Tells Governments 'You Fix the Crisis'

The European Central Bank did not cut interest rates at its monthly policy meeting on Wednesday, making it clear to eurozone governments that they have to do more to solve the bloc's debt crisis. 

 

Draghi said it was wrong for the ECB to fill a policy vacuum created by others and that there would be no quid pro quo between the central bank and governments. 

 

"There is no sort of horse trading here," he told a news conference. "Some of these problems in the euro area have nothing to do with monetary policy ... and I don't think it would be right for monetary policy to fill other institutions' lack of action." 

 

The benchmark cost of borrowing for the 17 eurozone countries remains at a record low of 1.0 percent, but still above that of other major economies.