ECB puts onus on EU governments to solve crisis

The ECB has put the onus firmly on eurozone governments to solve the bloc’s debt crisis, dashing expectations it could take near-term action despite saying the currency area’s economy was under increasing threat.

President Mario Draghi said the bank was not open to trading with governments on the policy response to the crisis.

Increasingly alarmed by signs Spain’s banking crisis is opening a new front in the debt crisis, some in financial markets had hoped Mr Draghi would signal a readiness for the ECB to take fresh action if eurozone governments take bolder action.