- EFSF and ESM ready to act
- Italy and Spain : a collective play that bears fruits
When the load-bearing wall of a jointlyowned building begins to crack, should the owners begin by trying to agree on the future way to consolidate the structure and share the cost, or first put into place emergency supports? In the eurozone, no growth compact will be worthwhile without first immediately reducing the financing costs for Italy and Spain. Mr. Monti, president of the Italian Council of Ministers, had the merit of making this a priority at the top of the agenda of the European summit meeting of 28 and 29 June.