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Italy's Monti and EC President Barroso discuss meeting

Tuesday, November 22, 2011 - 02:30

Nov. 22 - Italy's new prime minister Mario Monti confirmed in a meeting with European Commission President Jose Manuel Barroso that his government is committed to a balanced budget in 2013. Barroso said in a news conference following the meeting, ''We need a sustained effort by the countries that are now more exposed to this lack of confidence of the markets, in terms of pursuing their efforts of fiscal consolidation.'' Rough Cut (no reporter narration).

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The he's that badly. That was still not quite as -- a chain known. But Clinton -- that Bermuda today these sheets non Libya -- that you could come into the partisan divide grows up. Regarding the issue of credibility of confidence it is not. I kind of know -- in our moral. Judgment. It is a measure of the confidence that the markets have are not in the sovereign debt off the specific country. And the new reality of this situation regarding use it -- the remains difficult that's. Debts that idiotic. That's why I really do these government. Led by my Monty as a historic responses we have spoken about this and I think it's a huge challenge. But it's certainly no one is expecting miracles and -- financial markets. Miracles we usually do not happen because a master of sustained effort. I was not expecting. Kind of magic change because of one -- Two announcement. I've been using very often the expression this is not a sprint is America. We need a sustained. Effort. By the countries that are now more exposed to this. Lack of a confidence of the markets in terms of pursuing their efforts of the fiscal consolidation. Namely also strict reforms because girls is also key. It is not just about fiscal conservation is also -- the capacity through structural reforms. To create an expectation for gross and I know much prime minister penalties committed to this. And in fact this. We'll take time. And so let's make these that -- Apogee. We cannot change the perceptions of markets from one day to -- there it is a constant. Development net needs action at national level and also let's be honest also at Euro area are you -- level. That's -- yes to answer your question directly. Yes utility needs to pursue its efforts to regain more confidence of the investors because now we seats in the objective -- that it's in the objective. Fact that there are still. Worries and concerns regarding the utility when you see the evolution of this threats. Globally.

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Italy's Monti and EC President Barroso discuss meeting

Tuesday, November 22, 2011 - 02:30