Monti calls on EU leaders for swift, effective action

Italian Premier Mario Monti called on European leaders to do their part swiftly and effectively to stabilize markets Thursday. Speaking from Madrid, where Monti met with his Spanish counterpart Mariano Rajoy to talk about solutions to Europe's economic crisis, Monti said: "market stabilization and the cost of finance depends on the eurozone's capacity to effectively manage the crisis, and the solution can only come if each one of us does his work on the home front quickly and well, and all of us do our work quickly and well in the house we share". "I only see steps forward and no steps backward," Monti then said in response to a question about Thursday comments by European Central Bank President Mario Draghi on how his body intends to combat the eurozone crisis. The prime minister said he was uncertain as to whether Italy would use the so-called "anti-spread shield" to help reduce Italian bond yields on Thursday. "I do not know whether the (Italian) government will ask to activate this instrument. It requires examining the methods. I am certain, however, that (the government) will continue to do in a timely manner what it is asked to do and that coincides with what Europe asks of Italy," Monti said. "I have always said that all of Italy's economic policy has been set up in order to make any aid (on public spending) unnecessary, and it is not necessary," he added. Monti also said Italy and Spain agreed to do anything it takes to protect the integrity and stability of the eurozone Thursday. "Together with their European partners, Italy and Spain have decided to maintain the integrity and stability of the eurozone and will do everything necessary to protect it," Monti said, echoing a statement made by European Central Bank president Mario Draghi last week.