Finance Minister Jun Azumi says European nations should press forward with efforts to resolve the credit crisis while major central banks are supporting them with coordinated injections of funds into world financial markets.

Azumi's statement on Friday comes after 6 central banks including those of the United States, the EU and Japan agreed on Wednesday to provide an ample supply of liquidity to global money markets.

He reiterated that the coordinated action is only temporary relief, and cited a comment by Bank of Japan governor Masaaki Shirakawa that the step is a way to buy time.

Azumi said the move will maintain the ability of financial institutions to meet their payment obligations, but stressed that the step alone will not solve the debt crisis.

He urged EU nations to enforce measures to contain the spreading crisis, adding that EU members now need to find a path toward overcoming the problem.

Source: http://www3.nhk.or.jp/daily/english/20111202_21.html

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