Monti exonerates Italy over downgrade

ROME, Jan. 16 (UPI) -- Prime Minister Mario Monti said the recent downgrade of Italy's credit rating reflected poorly on the European Union's governance, not the Italian government.

S&P, which announced the downgrade Friday, noted "the positivity of the action of the Italian governance and "the insufficiency of eurozone governance," Monti said Monday after a meeting with European Council President Herman Van Rompuy.

Italian news agency ANSA reported that Van Rompuy also exonerated Italy, praising recent budget changes to reduce the country's deficit.

Van Rompuy also emphasized the need to to provide new stimulus to the economy, ANSA reported.