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Luc Coene, European Central Bank governing council member, told Reuters that liquidity is one of the main problems on the continent.
However, he said political engagement for bailout plans is "very firm", stating: "I hope for the return of calm to the markets after September when all the measures have been implemented and a programme of austerity is operating in Greece."
Stock market traders may be interest to learn that he asserted that the issuing of eurozone bonds may be an effective way to ease the crisis.
Despite this, the expert warned that this would only be the case if there was more convergence financially and economically, as well as penalties for those in the bloc that do not comply with regulations.
The FTSEurofirst 300 Index fell 1.1 per cent in early trading today (September 2nd) taking it down to 962.97 points, the news provider reported.
Posted by Greg Secker
