Belgium May Supply 9.5 Billion Euros to IMF for Crisis Fight

Belgium’s contribution to boost the International Monetary Fund’s crisis-fighting coffers may come to 9.5 billion euros ($12.3 billion), said Luc Coene, head of the Belgian central bank.

“We have indicated like other central banks that this is for us a possibility,” Coene told reporters in Brussels today. The size of Belgium’s contribution “depends on the amounts and distribution” among other European central banks.

Coene said Europe needs a “combination of instruments” to quell the debt crisis, saying last week’s European summit pledge to stiffen fiscal discipline represents a “first layer” in reinforcing the 17-nation economy.

“This has to be worked out and further work is needed down the line,” Coene said. He called on governments to “operationalize the principles they have agreed.”

The IMF may play a role alongside the euro area’s main rescue fund, the European Financial Stability Facility and its permanent successor, the European Stability Mechanism, he said. “It’s a bit naïve to think that one solution will do the trick,” he said.

To contact the reporters on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net; James G. Neuger in Brussels at jneuger@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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