Euro-area finance ministers said they would seek a greater role for the International Monetary Fund and the European Central Bank in fighting the sovereign debt crisis after conceding the effort to expand their bailout fund missed its target.
The finance chiefs of the 17 nations using the euro agreed to work on boosting the resources of the IMF so it can "cooperate more closely" with the European Financial Stability Facility, Luxembourg's Jean-Claude Juncker told reporters late yesterday in Brussels after leading the meeting.
"It's clear that we can go further through the IMF and probably action by the European Central Bank," Belgian Finance Minister Didier Reynders said today as ministers gathered for a second day of talks. "For the IMF, we are working to see how to reinforce its action and possibly contribute to a boost in its resources. As for the central bank, it's for the central bank to make its decisions."
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