PARIS — Germany is divided over Europe’s bailout fund. Finland may be jeopardizing Greece’s latest rescue. And Italy is suddenly backpedaling on austerity


Jean-Claude Trichet and Mario Draghi, the current and incoming presidents of the European Central Bank, had a sharp message for Europe’s leaders Monday as financial markets swooned: Get your act together.


At a conference in Paris focusing on the world three years after the collapse of Lehman Brothers, Europe’s top central bankers couched their admonishment in diplomatic terms. But the warning was clear: Politicians are still not moving quickly enough to ensure that the European debt crisis doesn’t become seriously worse.
“The solvency of sovereign states should not be taken for granted,” Mr. Draghi said as the bond yields of Greece, Italy and other countries with weak finances jumped amid increased investor nervousness. Global stocks also posted steep declines amid worries about the health of the U.S. economy and Europe’s sovereign debt woes.


Europe needs to “make a quantum step up in economic and political integration,” Mr. Draghi said.


http://www.nytimes.com/2011/09/06/business/global/euro-zone-leaders-get-warning-from-ecb.html