Rome

Monti says governments must share power in global world

Italian premier meets Greek, Spanish, Irish leaders

Monti says governments must share power in global world

(ANSA) - Rome, September 21 - As globalization brings the world closer together, governments must learn to better cooperate, Italian Premier Mario Monti said Friday. Otherwise, financial markets will seize power away from democratically elected institutions, Monti told a meeting of the Centrist Democrat International political movement in Rome. The meeting included Monti's Greek, Spanish, and Irish counterparts, all of whom he met individually during the day. In order to control the forces of globalization, Monti said: "we need a more effective coordination of government and this involves a... sharing of national sovereignty". Monti emergency technocrat government was not elected by the Italian public, but brought in with the support of the country's main parties to help steer Italy through the current economic crisis after Silvio Berlusconi resigned as premier in November. Earlier on Friday, Monti and Spanish Prime Minister Mariano Rajoy agreed that the eurozone must work to stabilize financial markets, forge monetary union, and create the conditions for growth and jobs. The area must "continue to work in a constructive, responsible and supportive way to stabilize financial markets," they said. Italy and Ireland, meanwhile on Friday vowed to consolidate domestic reforms to help stem the eurozone crisis. Monti and Irish Taoiseach Enda Kenny said after talks in Rome that the two countries "believe that in order to preserve eurozone stability in a lasting way we must continue reforms... and consolidate important results". Monti and Kenny agreed on the need for a "swift implementation" of June's European Council summit agreements to stabilize markets and ease the borrowing costs of countries like Spain and Italy, whose bonds have come under attack by speculators. photo: Italian Premier Mario Monti and Spanish Prime Minister Mariano Rajoy

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