Oct. 21 (Bloomberg) -- European Central Bank Governing Council member Carlos Costa said the bank was the only European institution that “was doing the work it should” trying to solve the sovereign debt crisis.

“Politicians have to place themselves ahead of the curve and not behind the curve,”Costa said at an event in Lisbon today.

To contact the reporter on this story: Joao Lima in Lisbon at jlima1@bloomberg.net

To contact the editor responsible for this story: Gabi Thesing at gthesing@bloomberg.net