BRUSSELS — European finance ministers deferred action on the outlines of a plan to shore up the euro Wednesday, delaying the big decisions until their bosses meet next week.
The meetings Tuesday and Wednesday yielded nothing concrete about what will emerge from the EU leaders meeting Dec. 9. But there’s growing speculation Europe is readying a plan to tie the 17 countries that use the euro closer together with stricter budgetary rules. That, analysts said, could allow the European Central Bank to take a more central role in the crisis — seen as crucial to stabilize the debt crisis that has seen three countries already bailed out.
Markets appear to be giving Europe the benefit of the doubt, especially after the world’s leading central banks said jointly they would make it easier for banks to get the dollars they may need. The forbearance in the markets is unlikely to last long, especially if the summit next week fails to match expectations.
The EU’s leading economic official indicated that time was running out to finally get a grip on a crisis that’s threatening the future of the euro currency as well as undermining the global economic recovery.
“We are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union,” EU Monetary Affairs Commissioner Olli Rehn said.
