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Stability mechanism appeals to investors (2)

(China Daily)

08:17, October 17, 2012

Buti said the EU will use its European Council meeting on Thursday and Friday as an opportunity to assess proposals to make the European Central Bank the single supervisor of the European banking system.

"The financial crisis has exposed major weaknesses in the design and implementation of EU's existing economic governance," he said.

"Strengthened fiscal, macroeconomic and macro prudential surveillance is essential to guard against destabilizing cross-country spillovers."

Premier Wen Jiabao told German Chancellor Angela Merkel in September that China might buy more European government bonds.

Li Daokui, a former adviser to China's central bank, said the eurozone's debt troubles will not lead to the end of the euro, saying the region has no choice but to solidify its economic and political foundations.

He was quoted by Xinhua News Agency as saying that European countries will eventually adopt reforms to achieve further integration. He also urged Europe to have a flexible monetary policy and to transfer part of southern European countries' fiscal power to the European Union.

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