Monday, November 29, 1999

TEXT - Full text of IMF response to EU crisis fund

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Following is a full text of a statement by International Monetary Fund Managing Director Dominique Strauss-Kahn on measures announced by the European Union to stabilize the euro-zone economy and financial system:"I strongly welcome the far-reaching steps unveiled today by the European Union and the European Central Bank (ECB) to restore confidence and financial stability in the euro area."These are strong measures that will help to secure global economic and financial stability, and preserve the global economic recovery. Implementation of actions to put public finances on a sustainable footing is key to restoring economic health in Europe."The IMF will play its part, in the interests of the international community, in addressing the current challenges. In particular, we stand ready to support our European members' individual adjustment and recovery programs through the design and monitoring of economic measures as well as through financial assistance, when requested, in conjunction with the new European Stabilization Mechanism (ESM)."Our contribution will be on a country-by-country basis, through the whole range of instruments we already have at our disposal. We expect our financial assistance to be broadly in the proportion of our recent European arrangements."
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