Feb. 3 (Bloomberg) -- European Central Bank Governing Council Member Carlos Costa said important steps have been taken in the last few months to face the debt crisis after a “slow” initial response from European leaders.
More mechanisms are still required to ensure market failure is not an option, Costa, who also heads the Bank of Portugal, said today at a conference in Lisbon. The Portuguese banking system has shown reslience during the financial crisis, Costa said.
Europe has been the center of the crisis in the past three years, he said. The “fundamentals” of the euro area are stronger than those of the U.S., according to Costa.
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