Not time yet for new euro crisis measures: Monti

Reuters News
Posted: Jul 23, 2012 10:51 AM
Not time yet for new euro crisis measures: Monti

SOCHI, Russia (Reuters) - Italian Prime Minister Mario Monti said on Monday that it was too early to call an all-European summit on the crisis in the euro zone, and played down the need for an urgent injection of funds by the European Central Bank.

Speaking after talks in Sochi with Russian President Vladimir Putin, Monti said "it's not yet time" for another regional crisis summit and said any decision to call one would be the prerogative of EU Council President Herman Van Rompuy.

The technocrat premier told a news briefing that it would be helpful if the European Central Bank allocated fresh funds to the euro-zone economy, but added that such a capital injection was not yet needed.

Monti also said Putin had reassured him that Russia had no intention to reduce the share of euros in its reserves.

Russia's central bank, the world's fourth-largest reserve holder, keeps just over 40 percent of its forex reserves in euro-denominated assets, typically government bonds. Its total gold and foreign exchange reserves exceed $500 billion.

(Reporting by Alexei Anishchuk; Writing by Douglas Busvine; Editing by Megan Davies)