(MNI) – The following is the text of a statement by the President
of the Eurogroup Jean-Claude Junker, December 19:
EU Member States support a substantial increase in the IMF’s
resources. These resources will enhance the IMF’s capacity to fulfill
its systemic responsibilities in support of its global membership, which
is especially important given the ongoing economic slowdown and
financial market tensions. The IMF’s involvement will be based on normal
IMF conditionality.
The EU, and in particular Euro area Member States are fully aware
of their special responsibility in the current circumstances. Therefore,
on 9 December, euro area Member States have committed to enhanced
governance to foster fiscal discipline and deeper integration in the
internal market as well as stronger growth, enhanced competiveness and
social cohesion.
Ministers confirmed today that, as part of a broader international
effort to improve the adequacy of IMF resources, euro area Member States
will provide EUR 150 billion of additional resources through bilateral
loans to the Fund’s General Resources Account. Burden-sharing among euro
area Member States will be based on quota shares resulting from the 2010
quota reform.
The Czech Republic, Denmark, Poland, and Sweden indicated their
willingness to take part in the process of reinforcing IMF resources.
The United Kingdom has indicated that it will define its contribution
early in the new year in the framework of the G20.
For some Member States, commitments will be subject to
parliamentary approval.
The EU will also work expeditiously to implement in full the 2010
quota and governance reform of the IMF.
The EU would welcome G20 members and other financially strong IMF
members to support the efforts to safeguard global financial stability
by contributing to the increase in IMF resources so as to fill global
financing gaps.
** Market News International **
[TOPICS: MGU$$$,MI$$$$,MGX$$$]
