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Van Rompuy Says IMF, EU to Monitory Italy Austerity Program

November 04, 2011

(Updates with comment from Van Rompuy in fourth paragraph. (See EXT4 for debt crisis news.)

Nov. 4 (Bloomberg) -- European Union President Herman Van Rompuy said the International Monetary Fund and the European Commission will monitor Italy’s austerity program.

“Italy has invited the International Monetary Fund to evaluate together with the finance minister, Tremonti, the implementation of this plan every three months in the context of its surveillance mission,” Van Rompuy told reporters today at a Group of 20 summit in Cannes, France. “But above all the European Commission has been given the task of evaluating in detail what has been done.”

“All of this is extremely important in order to buttress the credibility of the measures that have been announced,” Van Rompuy said.

“We haven’t put Italy in a corner, not at all,” Van Rompuy said of the international oversight. “They proposed it themselves to invite the International Monetary fund to make that kind of monitoring, and we decided already in the European Council on the monitoring by the European Commission, which is the most fundamental one.”

“The situation of Italy is totally different than the situation in Greece, totally different,” Van Rompuy said.

--Editor: Patrick G. Henry

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