''Head of ECB hints at more bank action if euro countries curb spending''

from wapo....

"Mario Draghi, the ECB’s president, called on the 17 nations of the euro zone to embrace a new fiscal pact that could see countries effectively forfeit independence over their budgets, and potentially give their neighbors the right to veto national spending and slap penalties on big spenders. If such a pact were struck, he hinted, the bank would be ready to play a bigger role in helping stem the crisis – a move that economists and investors say is neccessary"..........READ MORE