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Monti Says Bank License for EU Rescue Fund to Help, Will Occur

Aug. 1 (Bloomberg) -- Italian Prime Minister Mario Monti said that the European Union’s permanent rescue fund should be granted a banking license, something he said is likely to happen.

“I think this would help, I think this will in due course occur,” Monti said today in Helsinki at a press conference with Finnish Prime Minister Jyrki Katainen.

Katainen indicated that Finland would not back additional powers for the bailout fund known as the ESM, saying that Finland supported the rules as they are written and that they weren’t open to interpretation.

Italy does not need a bailout from its European partners, though “unrealistically” high interest rates may necessitate intervention to try to bring down borrowing costs, he said.

officials should show as much respect for the independence of the European Central Bank as has been shown by European heads of government.

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To contact the reporter on this story: Andrew Frye in Rome at afrye@bloomberg.net

To contact the editor responsible for this story: Andrew Davis at abdavis@bloomberg.net

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