Updated: 08/03/11 : 09:27:04
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ECB failed to stop property bubble - Bruton

Former Taoiseach John Bruton has criticised the European Central Bank for failing to use its powers to rein in the property bubble in Ireland and other EU countries.

In a speech at the London School of Economics last night, Mr Bruton said: "It is fair to ask if the ECB had even considered using its powers to intervene", even though the primary responsibility for Ireland's problems rests with Irish authorities.

He said there needs to be a European solution to the banking crisis.