BELGIUM: European Commission President Manuel Barroso, the International Monetary Fund's Chief, Christine Lagarde and the head of the European Central bank all say Franco-German treaty deal good for eurozone and Europe

Record ID: 511156

  • Title: BELGIUM: European Commission President Manuel Barroso, the International Monetary Fund's Chief, Christine Lagarde and the head of the European Central bank all say Franco-German treaty deal good for eurozone and Europe
  • Date: 10th December 2011
  • Summary: BRUSSELS, BELGIUM (DECEMBER 9, 2011) (REUTERS) BAROSSO AND VAN ROMPUY MARIO MONTI LEAVING THE COUNCIL (SOUNBITE) (English) IMF CHIEF CHRISTINE LAGARDE SAYING: "They want really consolidate the fiscal union, number two they decided to accelarate the European stability mechanism and number three they decided to add to the resources to the international monetary fund by a
  • Embargoed: 25th December 2011 12:00
  • Keywords:
  • Location: Belgium, Belgium
  • Country: Belgium
  • Topics: International Relations,Economic News,Politics
  • Reuters ID: LVA2OS5NLANZIZVAV7FC3YGL86W6
  • Story Text: European Council President Herman van Rompuy and European Commission President Jose Manuel Barroso welcomed a deal struck in the small hours of Friday (November 9) morning for a new treaty aimed at propping up the eurozone and forcing greater fiscal discipline on its members.
    The deal will not include the United Kingdom and Hungary which have both said they will not participate, leaving the 17 eurozone members and any other governments that want to take part to sign an intergovernmental treaty.
    But van Rompuy said that would actually speed the process up, helping to bolster confidence on the markets that Europe had finally got to grips with its finances," he told a news conference.
    European Commssion President Jose Manuel Barroso would boost the credibility of the eurozone, whose single currency is used by more than 300 million people.
    "We believe that if it is properly drafted that it will indeed increase, what was our goal, increase our goal, increase the governance, increase the credibility, increase also the rules we have today for the euro area. I have to be very open and honest with you as always, we would have preferred of course an agreement, an unanimous agreement," he said.
    The International Monetary Fund's chief, Christine Lagarde, whose institution has been involved in the bailout of three eurozone members, said it was a positive move.
    "They want really consolidate the fiscal union, number two they decided to accelarate the European stability mechanism and number three they decided to add to the resources to the international monetary fund by amount of 270 billion dollars that is to be confirmed within ten days so that is really a good step in the right direction," she said after leaving the 11-hour meeting.
    The European Central Bank's president, Mario Draghi, when asked what he thought, said: "It is a very good outcome for the euro area".
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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