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Monday, November 28, 2011

Eurobond talk should not be 'taboo', Monti tells Van Rompuy Europe will benefit from Italian PM's experience, president says

Eurobond talk should not be 'taboo', Monti tells Van Rompuy
Europe will benefit from Italian PM's experience, president says
22 November, 17:52

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(ANSA) - Brussels, November 22 - Talk of issuing Eurobonds to help the eurozone out of its debt crisis should not be "a taboo", Italian Premier Mario Monti said after talks with European Council President Herman Van Rompuy Monti, a former EU commissioner for the internal market and for competition, recalled that he proposed Eurobonds in a well-received study on the single market two years ago.

But Van Rompuy said Eurobonds were "not an immediate solution" to the eurozone's sovereign debt crisis.

Before creating such bonds, which have been suggested by several countries and backed by European Central Bank chief Mario Draghi, "more integration is needed," the EU president said. Eurobonds, which Germany has voiced reluctance to back, should only come after "a process of step-by-step integration, as was the case with building the euro," Van Rompuy said.

Van Rompuy, who conferred with Monti for an hour, said "I have known Mario Monti for many years, we have been in regular touch over the last few months and I am happy to have welcomed him to the table of the European Council".

Monti, the EU president said, "is a patrimony for all the members of the European Council.

"Everyone will benefit from his impressive experience and his vision for Europe".

According to the president, the Italian government's efforts to cut debt should be based on the same "three pillars" underscored by Monti when he took office: fiscal rigour, economic growth and social fairness.

The government, Van Rompuy added, "will build on the strength of the Italian economy". Italy "will have a key role in the European project" as the EU "tackles a systemic challenge," Van Rompuy stressed.

The EU needs "major reforms to achieve more fiscal discipline and integration,
" he said.

Monti had assured him, he said, that Italy will present measures to address its debt crisis "very, very soon".

The Italian premier told reporters: "There is no contradiction between rigour and growth via structural reforms.

"Indeed, the sustainability of the budget needs to be bolstered by higher growth".

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