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ECB calls for further reform of euro zone bailout fund ESM

Reuters  |  FRANKFURT 

FRANKFURT (Reuters) - The European Central Bank supports proposals to integrate the euro zone bailout fund ESM into European Union law, even if further reforms are needed, ECB President Mario Draghi said in a legal opinion on Thursday. A broader mandate for the ESM would improve financial stability, provide quicker funding for crisis-hit member states and could provide much-needed liquidity support for failing lenders during their resolution. The ESM is now an intergovernmental body, operating on the basis of a treaty between the 19 countries sharing the euro. Integrating it into the wider EU ...

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First Published: Thu, April 12 2018. 21:01 IST