ECB WEBER: See risk of spillover within EMU of debt crisis

Market news

8 December 2010

ECB WEBER: See risk of spillover within EMU of debt crisis

Necessary bailout actions have strained basis of EMU;
Optimistic crisis will ultimately lead to stronger EMU;
Confident Ireland bailout to help stabilize Irish banks;
Need real strengthening of stability and growth pact;
Need more intensive macroeconomic surveillance;
Calls for more automaticity in eu fiscal sanctions;
See Germany deficit at 2.5%/GDP in 2011;
Germany must keep consolidation course due to high debt;
Germany should be aware it is a role model in Eurozone.

ECB's Wellink said crisis has had a deep impact, this will continue, unemployment to remain high for years in a row.

Dow -17.60 at 11341.56, Nasdaq +0.39 at 2598.88, S&P -1.54 at 1222.21

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