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"We need a partial mutualisation of debt, but also more central control of national budgets", Monti said. "Without proper control it would be irresponsible to burden others with a share of your own debt."
''Germany and Italy take the same line on this and are prepared to surrender national sovereignty", he added.
Monti conceded that his government would not be able to solve the deep structural problems facing Italy in the the year and four months his government had left in office. "It's also a question of the economy. If a government such as ours implements the big fiscal adjustments, that will be a burden to the economy in the short term", he said.