06/29/2012
G20 says eurozone decisions are important step forward
Euro zone leaders' moves to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states are an important step forward, Group of 20 finance ministers said on Friday.
In a statement released by the Mexican finance ministry, the G20 said the steps agreed at Friday's summit were in line with promises in Los Cabos earlier this month that Europe would take all the necessary measures to safeguard the integrity and stability of the currency area and improve market functioning.
"The policy measures agreed to in the euro area summit constitute major steps in this direction and demonstrate that Europe is delivering on its commitments," the statement said.
"We look forward to the expedited implementation of the agreed measures, including the final details on these, as well as on the additional work to further strengthen the Economic and Monetary Union, among which is the development of a specific and time-bound road map."
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