Europe’s central bank boss turned the knife on desperate eurozone leaders with a warning that only full-scale agreement at a series of meetings next week would allow him to use the European Central Bank’s full firepower. Mario Draghi said the ECB stood ready to take fresh steps to deal with the crisis, but was unable to deploy its financial arsenal before leaders took steps to agree closer fiscal ties. “It is first and foremost important to get a commonly shared fiscal compact right,” he told the European parliament. “I think the next few days will be very important to tell us whether we make progress on this.” Amid fears for the solvency of several European banks, Draghi said the risks of a full-blown recession in the eurozone had increased. One bank estimated the UK would suffer a 5% drop in national income from a break-up of the eurozone, while Germany would see national income dive 7% and across the single currency zone it would collapse by 12%. Leaders meet next week in Brussels for what is being billed as the final effort to solve the euro crisis. The British prime minister, David Cameron, will join his counterparts from across the… Read full this story
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