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Oct. 26 (Bloomberg) -- Bank of England policy maker Adam Posen said the European Central Bank needs to pursue policies of “activism” that fuel growth to help stem Europe’s credit crisis.
“The missing key is the ECB not stepping up,” Posen said today during a panel discussion at the Buttonwood Conference in New York. Failure to do so will damage the ECB’s credibility, he said.
“If anything your credibility is going to be eroded” because “you have your own agenda that isn’t a growth agenda” and “isn’t a stability agenda,” Posen said.
--Editors: James Tyson, Kevin Costelloe
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