{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Monti, additional Cameron comment following EU summit' data-url='/boclips/videos/5c54c0b9d8eafeecae14ce43' data-video-url='/boclips/videos/5c54c0b9d8eafeecae14ce43' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nMonti, additional Cameron comment following EU summit\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eAfter 18 disappointing summits since the start of the debt crisis, Europe's leaders appeared on Friday to have finally come up with quick fixes and long-term plans that show they are serious about restoring confidence in their currency...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eAfter 18 disappointing summits since the start of the debt crisis, Europe's leaders appeared on Friday to have finally come up with quick fixes and long-term plans that show they are serious about restoring confidence in their currency union.\u003cbr/\u003eGlobal markets sighed with relief, debt-saddled Italy and Spain appeared victorious and Germany's Angela Merkel faced potential criticism at home for conceding to pressure for an immediate deal.\u003cbr/\u003ePrime Minister of the UK, David Cameron said institutions need to fully back a financial system if it is to succeed. \u003cbr/\u003e\"If you want a single currency to succeed you need institutions that absolutely stand behind it. In Britain you have the Bank of England standing behind the currency, doing what is necessary to safeguard the financial system, you need that in Europe too,\" he said. \u003cbr/\u003eThe leaders of the 17 countries that use the euro agreed to several key elements in their meetings:\u003cbr/\u003e-Pump money from two European bailout funds directly into troubled European banks later this year, rather than make loans to governments to bail out the banks. The move rescues banks without putting strapped countries deeper in debt.\u003cbr/\u003e-Use bailout money \"in a flexible and efficient manner to stabilize'' European government bond markets.\u003cbr/\u003e-Let \"virtuous\" countries tap European rescue funds directly without submitting to stringent bailout programs.\u003cbr/\u003e-Tie their budgets, currency and governments ever tighter in a vast new economic union down the line.\u003cbr/\u003eEuropean Council President Herman Van Rompuy called it a \"breakthrough\" and global stock markets and the euro rallied hard as a result. \u003cbr/\u003eHowever, most of the measures approved in the Brussels summit will take months to come into force and the 500 (b) billion euros firepower of the bailout funds may not be enough. \u003cbr/\u003eCameron said that despite all the good work in the last 24 hours there is still much to do to safeguard the road to economic recovery.\u003cbr/\u003e\"I think last night was significant but I have been to enough of these summits to know that Rome, Europe, none of these things was built in a day, there will be other steps that are required,\" he said. \u003cbr/\u003eItalian premier Mario Monti admitted that despite the summit agreements dealing with his country's struggling economy will continue to be a long and difficult task.   \u003cbr/\u003e\"The situation of Italian economy is hard,\" he said \"and that to face it or not, it's hard. And we have not thought that we could transform it in a fast and easy way.\"\u003cbr/\u003eSome key points will kick in within 10 days: On July 9, eurozone countries will strike a deal governing Spain's banking bailout and allow the temporary bailout fund to directly purchase Spanish government bonds.\u003cbr/\u003eThe decisions are a victory for Spain and Italy, whose borrowing costs have risen to near unsustainable levels despite their efforts to cut spending and reform their labour markets.\u003cbr/\u003eMonti acknowledged that the next time he meets Spanish leader Mariano Rajoy they will be in very different, yet still highly pressured, circumstances. Their countries go head to head in the final of the European football championships in Kiev on Sunday. \u003cbr/\u003e1. Wide of UK Prime Minister David Cameron at news conference\u003cbr/\u003e2. Mid of cameramen \u003cbr/\u003e3. SOUNDBITE (English) David Cameron, UK Prime Minister:\u003cbr/\u003e\"If you want a single currency to succeed you need institutions that absolutely stand behind it. In Britain you have the Bank of England standing behind the currency, doing what is necessary to safeguard the financial system, you need that in Europe too. I think last night was significant but I have been to enough of these summits to know that Rome, Europe, none of these things was built in a day, there will be other steps that are required.\"\u003cbr/\u003e4. Mid of camera\u003cbr/\u003e5. SOUNDBITE (English) David Cameron, UK Prime Minister:\u003cbr/\u003e\"Angela Merkel is being asked to do some things that are difficult for her to deliver. The German people have worked incredibly hard to make their economy competitive, to pay down their debts, to do all of the right things and it is all very difficult when they are then asked to even more to support countries that might not have done all of those things.\"\u003cbr/\u003e6. Mid of journalists\u003cbr/\u003e7. SOUNDBITE (English) David Cameron, UK Prime Minister:\u003cbr/\u003e\"What you are going to see from the government is an incredibly methodical series of actions to deal with all of these problems. They weren't regulated properly, so we are changing the regulatory system and putting the Bank of England properly in charge. They weren't regulated properly in terms of conduct, so we are creating the new financial conduct authority that will deal with that.\"\u003cbr/\u003e8. Mid of journalists\u003cbr/\u003e9. Mid of Cameron leaving news conference\u003cbr/\u003e10. Wide of Italian Prime Minister Mario Monti arriving at news conference\u003cbr/\u003e11. Mid of audience listening\u003cbr/\u003e12. SOUNDBITE (Italian) Mario Monti, Italian Prime Minister:\u003cbr/\u003e\"The situation of Italian economy is hard, to face it or not, it's hard. And we have not thought that we could transform it in a fast and easy way.\"\u003cbr/\u003e13. Close of camera\u003cbr/\u003e14. SOUNDBITE (Italian) Mario Monti, Italian Prime Minister:\u003cbr/\u003e\"On the other hand, the Prime Minister Rajoy, who - saying it all - speaks Spanish, and me who understands it but doesn't speak it, - and please don't you write that I am able to speak Spanish - but yes I can understand, as you you have seen during this journey. And yes, it will be a pleasure to meet him tomorrow evening in Kiev.\"\u003cbr/\u003e15. Wide of journalists listening\u003cbr/\u003e16. Wide of Monti leaving EU Council building\u003cbr/\u003e17. 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