BOE governor urges eurozone to take the plunge on fiscal union

Dublin

BANK of England governor Mark Carney urged the eurozone to take the controversial step of turning its currency area into a fiscal union in order to escape its slow-growth debt trap - a call likely to be rebuffed by Germany.

Mr Carney praised the European Central Bank for the "boldness" of its plan announced last week to buy hundreds of billions of euros of government bonds to fight the "potentially dangerous" combination of weak growth and falling prices.