Monti sees light at the end of tunnel for Italy
1 Aug 2012 6:32 AM IST
Italy’s Prime Minister Mario Monti said on Tuesday he could see the ‘light at the end of the tunnel’ for the eurozone, amid growing hopes Europe is readying decisive action to tackle the debt crisis.
With European leaders keen to keep momentum after a series of confidence-boosting statements, Monti was due to meet Tuesday with French President Francois Hollande in Paris at the start of a mini-tour of Europe. New data meanwhile provided a stark reminder of the devastating effects of the crisis, with the European Union saying unemployment across the eurozone hit a record 11.2 per cent in June.
‘We and the rest of Europe are getting closer to the end of the tunnel. There’s light at the end of the tunnel,’ Monti said in an interview with Rai Radio ahead of his meeting with Hollande.
Monti said he could sense ‘greater willingness on the part of European institutions and governments’ to implement reforms agreed at an EU summit in June and to take action to help debt-ridden countries.
After Paris, Monti will travel to Helsinki and Madrid as part of a tour he said would help ‘secure the euro and give a decisive boost to European growth.’
Hopes for a concerted effort to address the two-and-a-half-year debt crisis were raised last week when ECB chief Mario Draghi vowed to do ‘whatever it takes’ to preserve the euro.
The markets are now waiting for direct intervention to help bring down dangerously high borrowing costs for Italy and Spain and so prevent them needing what would be hugely costly bailouts.
Such hopes were bolstered by a verbal offensive from top European policymakers, including Eurogroup chief Jean-Claude Juncker who said the eurozone had reached a ‘crucial point’ and vowed action with the ECB.
With European leaders keen to keep momentum after a series of confidence-boosting statements, Monti was due to meet Tuesday with French President Francois Hollande in Paris at the start of a mini-tour of Europe. New data meanwhile provided a stark reminder of the devastating effects of the crisis, with the European Union saying unemployment across the eurozone hit a record 11.2 per cent in June.
‘We and the rest of Europe are getting closer to the end of the tunnel. There’s light at the end of the tunnel,’ Monti said in an interview with Rai Radio ahead of his meeting with Hollande.
Monti said he could sense ‘greater willingness on the part of European institutions and governments’ to implement reforms agreed at an EU summit in June and to take action to help debt-ridden countries.
After Paris, Monti will travel to Helsinki and Madrid as part of a tour he said would help ‘secure the euro and give a decisive boost to European growth.’
Hopes for a concerted effort to address the two-and-a-half-year debt crisis were raised last week when ECB chief Mario Draghi vowed to do ‘whatever it takes’ to preserve the euro.
The markets are now waiting for direct intervention to help bring down dangerously high borrowing costs for Italy and Spain and so prevent them needing what would be hugely costly bailouts.
Such hopes were bolstered by a verbal offensive from top European policymakers, including Eurogroup chief Jean-Claude Juncker who said the eurozone had reached a ‘crucial point’ and vowed action with the ECB.
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