Eurozone Latest News: Central Banks Criticize Europe for Political Gridlock on Economy

Wochit 1:15 mins

The Bank for International Settlements, a group representing central banks including the Federal Reserve and the European Central Bank, warned political leaders that they should not expect central banks? cheap-money policy to hold the global economy together forever. The organization, based in Basel, Switzerland, said in its annual report that politicians should finally do their share of ?the hard but essential work of adjustment.? European Central Bank policymaker Joerg Asmussen said that closer integration within Europe called for European Union institutions - in particular its parliament - to be strengthened to ensure democratic control and accountability. "The increasing level of integration within Europe calls for a new institutional design to ensure legitimization, accountability and democratic control," the German ECB Executive Board member said at an event organized by the Kiel institute for the World Economy. Om Thursday, Euro finance ministers agreed on broad guidelines on how to use the bloc's permanent bailout fund to rescue banks from failure, delivering on a long-promised goal to stabilize the bloc's financial system.

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