European Central Bank officials have agreed to buy Eurozone government bonds to fight the continental debt crisis. Although it’s not clear yet which bonds the bank is going to buy – experts expect them to be from debt-laden countries like Italy and Spain. That’s after the German government reportedly admitted that the EU rescue fund won’t be able to save Italy, the Eurozone’s third biggest economy, if it needs help. The G7 group of the most-industrialised nations are also vowing to support financial stability and welcomed what it called ‘decisive actions taken in the US and Europe’. But financier and author Patrick Young says the EU needs to change tack immediately.
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