Bloomberg News

Italy Called in IMF to Bolster Credibility, EU’s Barroso Says

November 04, 2011

Nov. 4 (Bloomberg) -- Italy invited the International Monetary Fund to monitor implementation of its austerity measures in order to bolster their credibility, European Commission President Jose Barroso said.

“The problems that happened with Greece had a systemic effect, so it was important for Italy to show that they are really committed to implementing the agreements they made,” Barroso told a press conference today at a Group of 20 summit in Cannes, France. The Italian government “took a decision to invite the IMF to carry out a public verification of its policy implementation on a quarterly basis, also to show to the global markets their absolute determination,” he said.

“Italy will now implement all the commitments taken at the euro-area summit,” Barroso said. “The European Commission is responsible for going ahead with a detailed assessment and monitoring; in fact, a mission will be there next week in Italy.”

Italy invited the IMF “on its own initiative,” Barroso said. “I see this as evidence of how important Italy’s reform process is for other countries and for the euro zone as a whole,” he said.

To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net


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