Highlights: Euro zone finance ministers, officials

Mon Nov 7, 2011 3:57pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

BRUSSELS (Reuters) - Euro zone finance ministers and officials met on Monday to discuss the crisis in the euro zone, including speeding up work on their EFSF bailout fund and the situation in Greece and Italy.

Following are highlights of comments from the Eurogroup meeting:

SPEAKING AFTER THE MEETING

EUROGROUP PRESIDENT JEAN-CLAUDE JUNCKER

ON ECONOMIC MONITORING:

"We agreed that enhanced monitoring of vulnerable member states is a fundamental part of the firewalls that should be in place to contain the crisis. While all member states should continue to implement their policy of fiscal consolidation and structural reforms, a particular effort will be required of member states experiencing tensions in sovereign debt markets.

"In that respect, and it took some time, we discussed the situation in Italy and welcomed the series of new measures recently announced by the Italian authorities, which include balancing the government budget by 2013 and readiness to take additional measures if needed, in pension reform, deregulation and labor market reforms.

"We welcomed the European Commission's decision to intensify its monitoring of the Italian economy... in cooperation with the European Central Bank. We also welcomed the decision of Italy to invite the IMF to carry out a public verification of its policy implementation on a quarterly basis."

ON INCREASING IMF RESOURCES FOR EURO ZONE LENDING CAPACITY:   Continued...