ROME (MNI) – Italy’s Prime Minister Mario Monti and his Irish
counterpart Enda Kenny Friday urged their fellow Eurozone leaders to
continue reforming their economies, saying that would guarantee an
ongoing “euro stabilization.”

The prime ministers also said that a recent German court ruling
authorizing Germany’s participation in the permanent bailout fund, the
European Stability Mechanism (ESM), was a step in the direction of
stability for the single currency.

Germany’s Constitutional Court last week allowed Berlin’s
ratification of the ESM, which is an indispensable participant in the
European Central Bank’s plan to purchase sovereign debt. Under the ECB
plan, the ESM would buy debt at auction and the ECB only in the
secondary market.

The court decision to let the ESM move forward removes the last
obstacle to its launch, since Germany was the only country not to have
ratified it yet. The ESM’s inaugural meeting is scheduled for October 8
in Luxembourg.

“The Italian and the Irish governments see the ongoing
stabilization of the Eurozone being achieved by the continued
implementation of reforms,” Monti and Kenny said in a statement released
by Monti’s office. “Both reconfirm their commitment to pursue and
consolidate the important results that have already been achieved.”

The Eurozone debt crisis has been accentuated in recent months by
concerns about a possible Greek exit from the single currency, as well
as the sustainability of the public finances of weaker member nations
such as Italy, Spain, Portugal and Ireland.

Monti expressed “great appreciation for the progress carried out by
Ireland in recent months, which permitted Dublin in July to return to
the markets.”

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