Draghi urges fast action on rescue fund

EUROPEAN Central Bank chief Mario Draghi told eurozone governments yesterday to act fast to get their rescue fund up and running.

The ECB is under intense pressure to play a greater role in tackling the crisis.

Chancellor Angela Merkel of Germany rebuffed demands from British Prime Minister David Cameron for decisive action, making clear she favoured a step-by-step approach that has seen Germany resist calls for the ECB to backstop other governments.