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IMF Welcomes European Actions to Stabilize Euro Area

Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement today on the European Union’s announcement of sweeping measures to stabilize its economic and financial system:

“I strongly welcome the far-reaching steps unveiled today by the European Union and the European Central Bank (ECB) to restore confidence and financial stability in the euro area. These are strong measures that will help to secure global economic and financial stability, and preserve the global economic recovery. Implementation of actions to put public finances on a sustainable footing is key to restoring economic health in Europe.

“The IMF will play its part, in the interests of the international community, in addressing the current challenges. In particular, we stand ready to support our European members’ individual adjustment and recovery programs through the design and monitoring of economic measures as well as through financial assistance, when requested, in conjunction with the new European Stabilization Mechanism (ESM). Our contribution will be on a country-by-country basis, through the whole range of instruments we already have at our disposal. We expect our financial assistance to be broadly in the proportion of our recent European arrangements.”

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