Monti, Merkel hail eurozone developments

Italian Prime Minister Mario Monti and German Chancellor Angela Merkel on Friday welcomed the latest developments in the eurozone. "The joint assessment is that the past week has been very positive for Europe," the two leaders said in a joint statement after they spoke on the phone. Borrowing costs for Italy fell to a six-month low on Friday, following last week's announcement by the European Central Bank that it was ready to buy the bonds of distressed nations, and Thursday's pledge by the US Federal Reserve to launch a new stimulus package. Speaking after pro-EU parties prevailed in Dutch elections on Wednesday, Monti and Merkel also welcomed the greater awareness "by European public opinion" that solutions to the crisis "must come from more intense European cooperation," the statement said.