'Bazooka' measures needed to convince markets: regulator

13th October 2011, Comments 0 comments

Europe needs to pull out "bazooka" measures to convince markets it is serious about tackling the eurozone debt crisis, the head of Europe's stock markets regulator said Thursday.

"I think it is very important to have convincing measures and also to have timely mesures," said Steven Maijoor, chairman of the European Securities and Markets Authority.

"Speed for the solution is very important," he added, as European leaders are rushing to prepare within weeks measures to contain the eurozone debt crisis, which has undermined confidence and threatens to ensnare banks.

European authorities are rushing to prepare measures to shore up banks amid the rising likelihood that those holding Greek debt will have to take bigger losses.

"We need to get the bazooka out to convince markets," Maijoor said at a conference in the Portuguese capital Lisbon, adding so far Europe has not been able to do this.

"We have now seen this year that the delay of getting a solution for the crisis has been a serious cost to us all," he added.

© 2011 AFP

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