EU's Barroso: Trust ECB to do whatever needed (by William L. Watts)
FRANKFURT (MarketWatch) -- European Commission President Jose Manuel Barroso on Wednesday called for increasing the firepower of Europe's bailout fund and urged the European Central Bank to do "whatever is necessary" to back the euro zone. Delivering his annual state of the union address to the European Parliament, Barroso said Greece will remain a member of the euro. He said the European Financial Stability Facility will be made "stronger" and "more flexible" once changes to the fund are ratified by national parliaments. The commission, which is the EU's executive arm, will then weigh options to make the most efficient use of the mechanism, he said. Barroso said the commission trusts that the European Central Bank "will do whatever is necessary to ensure the integrity of the euro area and to ensure its financial stability."