IMF welcomes efforts by EU countries to address crisis

THE International Monetary Fund welcomed measures announced by the European Central Bank and European governments to address the region’s debt crisis.

European authorities have managed “to come up with measures and proposals to address the problem collectively as well as in a number of countries,” IMF director of external relations Caroline Atkinson said at a press briefing in Washington yesterday. “Countries facing market pressure have also taken steps which we applaud.”

Ms Atkinson said it was “important” that European Central Bank (ECB) president Jean-Claude Trichet had “emphasised the importance of doing what was necessary to preserve financial stability in the eurozone, and the statement and actions today confirmed the ECB is ready to take steps as necessary.”