Rome

Monti, Hollande call for fast action on financial measures

Euro must not be seen as factor of 'disintegration'

Monti, Hollande call for fast action on financial measures

(See related story on site) (ANSA) - Rome, July 31 - Italian Premier Mario Monti and French President Francois Hollande are urging fast action on financial measures agreed to tackle the eurozone crisis by European leaders at a summit in late June. The pair spoke after a Paris meeting Tuesday aimed at boosting confidence in the European economy and the single currency. "The conclusions of the Council of Europe of 28 and 29 June are to be implemented rapidly," the leaders said in a statement. "Initiatives for growth in the common EU economy and employment must be applied as quickly as possible". European leaders agreed on a number of measures to combat the eurozone crisis at the June summit, including plans to allow EU rescue funds to be used to support the bonds of countries facing soaring borrowing costs. This mechanism, the so-called spread shield, was thrown in doubt after the governments of the Netherlands and Finland expressed reservations. Monti is on a European tour to promote greater harmony in efforts to protect the region's economy. "It is of the utmost importance that euro isn't perceived as a factor of disintegration," Monti said before leaving Rome for a tour that includes meetings in Finland with Prime Minister Jyrki Katainen, and in Madrid with Spanish Prime Minister Mariano Rajoy. Investors are expecting fresh action by policy makers, following a declaration from European Central Bank President Mario Draghi that he would do "whatever it takes" to preserve the euro. Markets are now anxiously awaiting Thursday's meeting of the ECB to see what the central bank intends to do.

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