Draghi vows to take action as new ECB boss

Tim Wallace
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THE BAILOUT fund should be used immediately and the European Central Bank (ECB) will keep buying bonds, incoming boss Mario Draghi told a Rome conference yesterday.

He also hinted a cut in interest rates might come soon as growth is slow. He takes the helm at the ECB on 1 November, with the first interest rate decision taken two days later.

“Immediate implementation of financial support” is required to manage the crisis, he said.

Draghi explained that “a definitive and lasting answer” is needed to sooth markets and resolve the debt crises.

The Bank bought Italian bonds in August to drive down soaring yields.