IMF and EU to monitor Italy’s reforms
Published 04/11/2011 | 09:52
ITALY is to allow the IMF and the EU to monitor its progress in meeting targets on pension, labour and structural reforms.
These reforms had previously been agreed with EU leaders last week.
The Rome government is said to have ‘no problem’ with monitoring and added that the EU Commission and IMF would each report on how Italy was doing.
A spokesperson said a precautionary credit line was not seen to be a credible option for Italy.
"With the general climate and Italy's lack of credibility, every small setback or problem is compounded and makes things worse, so the markets cannot have confidence," he said.
While it had already been agreed the EU's executive would step up monitoring of Rome, Brussels has now also decided to bring in the IMF to increase the credibility of the surveillance and reassure the markets.