Italian PM Calls For Deeper European Economic Integration

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Italian Prime Minister Mario Monti says fiscal discipline alone will not save the euro zone. Speaking at the London Stock Exchange, he asserts that deeper economic integration within the European Union is essential.

Italian Prime Minister Mario Monti is in London as part of a whirlwind European tour.

After a meeting with British Prime Minister David Cameron, and a closed-door conference with financiers and investors, Monti spoke to reporters at the London Stock Exchange.

[Mario Monti, Italian Prime Minister]:
"At the center of this policy for growth in both our visions, lies the single market that is a deeper economic integration within the European Union."

The speech comes as crisis continues in the euro zone, with Italy one of nine member states to have their credit ratings downgraded last week.

[Mario Monti, Italian Prime Minister]:
"Within the euro zone maybe we have sometimes forgotten that EMU means Economic and Monetary Union. The M is key and needs all the attention that it has received, but the E, Economic Union, has not always been paid the attention that it badly deserves."

The International Monetary Fund announced Wednesday it is likely to request a further 500 billion U.S. dollars to bolster it's lending capacity.

This would help protect the global economy should the euro zone economic situation deteriorate further.

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