The finance ministers still held a conference call to follow up on the decisions made in the EU Summit that was merely a disappointment to investors. The policy makers followed on their own set deadline for the pledged 200 billion euros to the IMF to expand its capacity to fight the crisis.
The EU finance ministers said in a statement that the euro area members will provide 150 billion euros of additional resources to the IMF, short of the full 200 billion which was already said after the summit that 50 billion will be pledged from outside the euro. The news affecting the euro yet not strongly as it at least showed euro area commitment and other members to follow suit. The United Kingdom indicated that it will define its contribution early in the new year in the framework of the G20 while Czech Republic, Denmark, Poland and Sweden said they will take part.
The statement said that the money will be provided in a form of bilateral loans and called on other countries to follow saying the EU would welcome participation from the G20 members and other financially strong IMF members to support the efforts to safeguard global financial stability.