Italy, France to remain 'vigil' over spread shield

ROME - Italian Prime Minister Mario Monti met French President Francois Hollande on Tuesday and they agree to join efforts to implement the spread shield agreements reached during the European Union summit in June.

French President Francois Hollande (L) gestures during a news conference during a meeting with Italy's Prime Minister Mario Monti (R) at the Villa Madama in Rome Sept 4, 2012. [Photo/Agencies]

Monti said the two countries are actively working on their political and financial policies to implement the agreements.

The spreads levels against the German bond - considered a barometer of investors' faith in a country's ability to weather the eurozone crisis - must not constitute an obstacle to the eurozone stability, as they are "unable to tell real economic performances," Monti said.

"I am sure President Hollande and I will remain vigil" so that the solutions adopted in the June summit to fight the spreads will be "completely fulfilled", he said.

Hollande said the two leaders have determined "three phases to tackle the eurozone crisis" during their meeting in Rome, which was the third since he took office three months ago.

According to the two leaders, the problem of unemployment that has exceeding the 10-percent level in some EU countries has become "unbearable".

Over the past months, Monti and Hollande have been pursuing a pro-growth policy within the 17-nation region that uses the single currency.

Meanwhile, pro-austerity Germany has been coming under increasing pressure to allow weaker countries more leeway to stimulate economic growth so as to put the EU back on financial stability.

The meeting between the Italian and French leaders took place as the European Central Bank is expected to announce bold measures to ease the eurozone's debt troubles on Thursday.