ECB's Draghi urges swift action on bailout fund

The new governor of the European Central Bank (ECB), Mario Draghi, has called for "urgent action" to implement the new eurozone bailout fund.

Speaking in Frankfurt, Mr Draghi expressed impatience with the lack of progress by European governments.

"Where is the implementation of these long-standing decisions? We should not be waiting any longer," he asked at Friday's European Banking Conference.

His comments came as markets remained jittery about the crisis.

By mid-morning on Friday, all major European markets were down between 0.5% and 1.2%.

In his speech, Mr Draghi suggested the ECB's main job remained to ensure long-term low inflation.

"Credibility implies that our monetary policy is successful in anchoring inflation expectations over the medium and longer term," he said.

He called for governments to play their role in tackling the debt crisis through "solid public finances and structural reforms", as well as reforms to the way the eurozone works.