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Monti Urges Europe to Act ‘Quickly’ on Bailout, Il Sole Says

Jan. 8 (Bloomberg) -- Europe should act on making its bailout fund operational “quickly” and adopt bonds to fund infrastructure investment in the region, Italian Prime Minister Mario Monti told daily Il Sole 24 Ore.

The European Stability Mechanism, or ESM, “must follow lean procedures in order to be effectively usable” by countries, Monti said in an interview with Sole today. Europe should also use project bonds “to build transportation and communications networks, such as broadband,” Monti said. On so-called euro bonds, Monti said that there are “significant divergences” within the region.

“A rapid improvement in the European governance will help interest rates to drop,” making it easier for each nation to carry out reforms, Monti told the newspaper.

The premier also said his government will soon take measures to cut the costs of politics and bureaucracy in Italy, Sole reported.

To contact the reporter on this story: Chiara Remondini in Milan at cremondini@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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