December 5, 2011 / 1:12 PM / 8 years ago

Italy PM says euro summit must boost cooperation, bailout fund

ROME (Reuters) - European Union leaders meeting in Brussels on Thursday and Friday must increase fiscal cooperation and strengthen the euro zone’s bailout fund, Italian Prime Minister Mario Monti said on Monday.

Monti said the euro zone was going through a severe budget and banking crisis but the currency itself was not under threat.

Speaking at a news conference with the foreign press in Rome, he said it was “extraordinarily positive” that the euro had not lost foreign exchange value or internal purchasing power through inflation.

“The euro as a currency has no need to be saved because it isn’t in a crisis. There is a very big crisis in the euro zone from the point of view of imbalances in public budgets and banking systems,” he said.

Reporting Gavin Jones and Steve Scherer, editing by James Mackenzie

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