France, Germany, Italy pledge full responsibility for eurozone stability

French President Nicolas Sarkozy, German Chancellor Angela Merkel and the newly appointed Italian Prime Minister Mario Monti have agreed to take full responsibility to strengthen the eurozone, according to a statement released by the Elysee on Thursday. The three leaders had an in-depth conversation over telephone on the economic and financial situation of the eurozone. They agreed on the need to accelerate the implementation of measures adopted by both the EU and those eurozone countries attending the G20 Summit in Cannes, to ensure financial stability and economic growth in the single currency bloc. "Monti has explained to his colleagues of his plans to restore market confidence and to redress the economic situation faced by Italy," said the statement, "He confirmed that he was fully determined to act decisively to ensure fiscal consolidation and to adopt structural reforms that would boost growth with social equity." The three leaders confirmed that Germany, France and Italy, the three founding members of the European Union and the three largest economies in the eurozone, take all their responsibilities to ensure the stability, prosperity and strength of the eurozone as a whole. During the conversation, Sarkozy and Merkel also expressed their full support for Monti's resolution to take immediately all the necessary measures of winning back the trust of the markets.