Europe warned over its debt crisis

'Forceful measures' needed to avoid global recession: central bank chief

WASHINGTON - China urged Europe to get to grips with its debt crisis before it risks causing bank runs and pushing the global economy into recession.

"The sovereign debt crisis must be resolved promptly to stabilize market confidence, and forceful and credible fiscal consolidation measures are needed in relevant economies to alleviate sovereign debt stress," central bank chief Zhou Xiaochuan said in a speech on Saturday at the International Monetary Fund.