The European Union (EU) and the International Monetary Fund (IMF) pledged roughly US$1 trillion on Monday to defend the falling euro, to prevent the common currency from devalued and collapse. Most Central banks around the world joined the coordinated effort to prevent Europe's debt crisis from derailing the global economic recovery.
The initiative was under the three-year plan, the European Commission (EU's governing body) will make Euros 60 billion ($75 billion) available while countries from the 16-nation eurozone would promise backing for Euros 440 billion ($570 billion).Furthermore, the IMF would contribute an additional sum of at least half of the EU's total contribution, or Euros 250 billion.
EU Commissioner Olli Rehn says they will defend the Euro whatever it takes and necessary to be after meeting with those EU's Ministers.
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