BRUSSELS (MNI) – The European Central Bank is playing a key role in
stabilising the Eurozone and addressing malfunctioning markets, European
Commissioner for Economic and Monetary Affairs, Olli Rehn said on
Friday.

After its December monthly meeting Thursday, the ECB said it would
keep its main policy interest rate unchanged at 1%, in line with
expectations, and keep all its non-standard measures – including a
government bond buying programme – in place for the time being.

“The ECB continues to play a key role in ensuring financial
stability in the euro area, including addressing the malfunctioning of
the securities markets, based on its own analysis and independence,”
Rehn told business lobby group, Businesseurope at a meeting in Brussels.

He said the decisions taken by European Union governments last week
to provide Ireland with financial assistance and to set up a permanent
crisis mechanism for Eurozone member states that fall in to difficulty
from 2013 onwards “show that we will do whatever it takes to safeguard
the financial stability in Europe.”

“Restoring confidence takes time, especially after a deep financial
crisis, and we need consistent and determined action on all fronts to
this effect. We know that, and we shall do that,” Rehn said.

“The past months have been difficult, but we have already come a
long way. The work is not yet being completed, but we are determined to
accomplish this mission, no matter how tough it is,” Rehn concluded.

–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com

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