As reported by The Wall Street Journal’s Giada Zampano, Susann Kreutzmann and Geoffrey Smith, leaders of the euro zone’s four largest countries said they were committed to rescuing the euro, but Italian Prime Minister Mario Monti warned that more needs to be done to make their pledges credible at a major European summit next week.
After a meeting in Rome, the heads of Italy, Spain, German and France said they backed plans for a proposed €130 billion ($163 billion) plan to support growth in Europe. But most of the measures they flagged already have been floated. The four also remain divided over more prickly issues, including how to shore up the ailing debt markets of Italy and Spain. Germany remained firm on its insistence for fiscal discipline.
Mr. Monti said the continent needs a better plan to convince the world that the euro will survive.
“Markets need to know that the euro is here to stay, and we all mean it,” he said during a news conference after his meeting with German Chancellor Angela Merkel, French President François Hollande and Spanish Prime Minister Mariano Rajoy. Mr. Monti said it was important the summit come up with a “more solid and credible” framework for the future.