I welcome the decisions taken over the weekend in Europe both at national level, in Italy and Spain to strengthen fiscal discipline and growth, and by the ECB regarding the active implementation of its Securities Markets Programme. These decisions will contribute to financial stability in the euro area. I also welcome the close cooperation at the global level of the G7 and the G20 to deal with the current challenges both the euro area and the USA are facing.
I am heartened by the determination of all Heads of State and Government of the euro area to implement as a matter of priority all the decisions taken by the 21 July Summit. The early convening of a number of national parliaments confirms their determination. The urgent approval inter alia of our decisions on making the EFSF more efficient and more flexible is decisive to restore market confidence.
In the wake of the 21 July Euro Summit I have been in constant contact with the President of the ECB, the President of the Eurogroup, and most directly concerned Euro area colleagues. I will continue to remain in close consultation with all euro area member states and EU institutions to ensure that the implementation of our decisions remains fully on time and on track.