Following are comments from politicians, company executives and central bank policymakers attending the European Banking Congress in Frankfurt as the euro zone's debt crisis continues to worsen.
ECB PRESIDENT MARIO DRAGHI
On the EFSF rescue fund:
Where is the implementation of these long-standing decisions? Draghi asked. In the text of his speech, he added: We should not be waiting any longer.
Draghi repeated that downside risks to the economic outlook in the euro area have increased and said the weaker degree of activity would moderate price, cost and wage pressures.
GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE
On ECB intervention:
There is no pressure on the ECB to unleash all (its) firepower.
If we did that, calm would last for a few weeks at most.
ECB GOVERNING COUNCIL MEMBER AND BUNDESBANK PRESIDENT JENS
On demands for ECB intervention:
The lack of success in containing the crisis does not justify overstretching the mandate of the central bank and making it responsible for solving the crisis.
A clear commitment to our mandate is an indispensable element of a prosperous future for the euro.
ECB GOVERNING COUNCIL MEMBER JOZEF MAKUCH
On the economic outlook:
Downside risks (to the euro zone economy) are materialising, some of them. I am not happy about that.
Asked if the euro zone is about to enter a recession, Makuch said: I don't know if recession is the right word, we might have some months below zero, but for technical recession, it should be a longer period.
We expect that we will be at (the inflation) target by the end of next year.
DEUTSCHE BANK CHIEF EXECUTIVE JOSEF ACKERMANN
On demands the ECB should buy more sovereign bonds:
The ECB's primary role should not be to take up these bonds.
Ackermann also said private sector participation in a rescue for Greece should be a one-off.
IIF MANAGING DIRECTOR CHARLES DALLARA
On private sector involvement in sovereign debt restructuring:
Trying to build in private sector involvement in new structures like the European Financial Stability Facility (EFSF) would be a mistake.
There is otherwise a serious risk of undermining appetite for sovereign risk.
EBRD PRESIDENT THOMAS MIROW
On euro zone crisis:
ECB action is required but it cannot do the job on its own.
On a credit crunch in eastern Europe:
I am worried because these countries have gone through a very difficult time.
We have to take care that because of unsolved problems in western Europe, the contagion effects go ahead (and affect eastern Europe).
Provided the euro zone gets to grip with its problems ... central and eastern European countries are better off joining (the euro).
EID AL-RAYYES AL-RASHEEDI, PRESIDENT OF THE KUWAIT
Al-Rasheedi said Kuwait could invest in the EFSF rescue fund although it depends on the criteria.
(Editing by Catherine Evans)