Europe's new permanent bailout fund, the European Stability Mechanism, will be in force by July. That's according to the European Council President, Herman Van Rompuy. He announced this following a meeting with the Italian Prime Minister Mario Monti on Monday.

Van Rompuy said as crisis mechanisms are strengthened, the ESM will enter into force in July 2012, earlier than planned. He also said the EU was working with international partners to increase resources from the IMF.

Meanwhile, the German embassy in Rome said on Monday that a meeting between Monti, French President Nicolas Sarkozy and German Chancellor Angela Merkel planned on January 20th in Rome has been postponed, and will probably be held at the end of February.

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