The fiscal pact should not be renegotiated, European Central Bank Executive Board member Joerg Asmussen said Monday. The fiscal pact should be complemented by growth compact.
"We need both," he said in a speech in Berlin.
Further, he said unconventional measures initiated to combat debt crisis are temporary in nature. Such measures could be withdrawn when upside risks for price stability appear, he added.
Asmussen said Europe should urgently activate permanent bailout fund or European Stability Mechanism by July this year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.