About: ESM
ESM economists want to raise public debt limit to 100% of GDP
In a new discussion paper, economists of the European stability mechanism (ESM) suggest a simplification of the EU’s fiscal rules and their adaptation to changed economic circumstances.
Architect of EU fiscal rules calls for reform
Ahead of a new push by the European Commission to reform the EU's fiscal rules, the chief of the bloc's bailout fund, Klaus Regling pointed out the danger of sticking to rules that have become “economically nonsensical”.
No progress on reform of eurozone bailout fund until March
Reform of the eurozone bailout fund will remain frozen until at least March, a senior official said on Wednesday (15 January), as governments are still divided over technical details on bond restructuring.
Eurogroup fails to move forward on eurozone reform
EU finance ministers failed to reach an agreement on Wednesday (4 December) on the reform of the EU's bailout fund and move to political discussions on the European Deposit Insurance Scheme ahead of the Euro summit next week.
Ministers set to advance Eurozone reform amid political turmoil in Italy and Germany
EU ministers gather Wednesday (4 December) in a bid to chart progress on the Eurozone reform ahead of the EU Council summit next week. However, recent political developments in Rome and Berlin may hinder talks on the matter.
Italy’s Conte rebukes opposition as debate over ESM reform heats up
Italian prime minister Giuseppe Conte called upon the right-wing opposition to act responsibly in talks over the reform of the eurozone bailout fund, the European Stability Mechanism (ESM).
Eurogroup to nudge forward EMU reform before next week’s EU summit
EU finance ministers will try to close a deal on deepening the Economic and Monetary Union, including a tentative new budget for the eurozone, during the Eurogroup meeting on Thursday (13 June) in an inclusive format.
Germany proposes tough conditions for ‘European IMF’
Germany's plans for a "European Monetary Fund" to help eurozone states in difficulty would set strict eligibility criteria that shut out those who are failing to tackle high national debt.
Italy’s ‘unprecedented’ breach of fiscal rules clouds euro summit
Euro-area leaders agreed on Thursday (18 October) to accelerate the work to bolster the monetary union as the European Commission questioned half a dozen member states’ efforts to balance their public accounts, particularly Italy.
Macron wins Merkel’s backing on budget for eurozone
French President Emmanuel Macron on Tuesday (19 June) won German Chancellor Angela Merkel's backing for reforms that are aimed at bolstering the eurozone against crises, including a vaunted budget for the bloc.
IMF demands €100 billion from Germany for eurozone safeguard
The IMF has a big plan: A multi-billion rainy day fund is meant to strengthen the euro. According to the proposal, Germany alone is supposed to pay €10 billion per year for a 10-year period. EURACTIV Germany’s media partner "WirtschaftsWoche” reports.
Post-election Germany: An iron chancellor with a liberal sidekick?
If the liberal FDP enters a coalition with the conservative CDU in Berlin, Merkel and Schäuble will have to adapt their plans for the future of the European Stability Mechanism (ESM). EURACTIV Germany's partner Der Tagesspiegel reports.
Germany warned against eurozone reform complacency ahead of election
The political will to keep the eurozone together is eroding inexorably, warns Leo Hoffmann-Axthelm from Transparency International. In an interview, he reminds German politicians about their responsibility in the eurozone crisis, calling for vital governance reforms to be adopted after the September election.
Transparency International: German criticism of ECB ‘a tad dishonest’
As Germany prepares for general elections in September, Leo Hoffmann-Axthelm reminds about Berlin’s responsibility in the politicisation of the European Central Bank (ECB), saying it is largely due to German inaction during the Eurozone crisis.
Schäuble preparing EU bailout fund reform proposal
German Finance Minister Wolfgang Schäuble is working on a proposal that would allow southern eurozone countries to tap into the single currency bloc's bailout fund to boost investments during recessions, a newspaper reported on Wednesday (23 August).
Eurozone to mull Greek debt relief once reforms take place
Eurozone governments will consider medium-term debt relief for Greece as promised in a statement in May 2016 once Athens implements the reforms it agreed to earlier this week, a eurozone official said on Thursday (4 May).
Eurozone chief backs German calls for ‘a European IMF’
The European Stability Mechanism (ESM) – the eurozone's bailout fund – should ultimately be turned into a European version of the International Monetary Fund IMF, according to the head of eurozone finance ministers.
German SPD says Europe can back Athens without the IMF
In an interview with Süddeutsche Zeitung, Social Democratic Party of Germany (SPD) deputy chairman Carsten Schneider insisted that the International Monetary Fund's (IMF) participation in the Greek bailout was not necessary. EURACTIV Greece reports.
Eurozone puts Greek debt relief on hold in Christmas bonus row
Lenders put a short-term debt relief deal for Greece on hold yesterday (14 December) after the Athens government proposed a one-off payout to pensioners, the eurozone bailout fund ESM said.
IMF: Greece doesn’t need more austerity, cuts went too far
Greece does not need more austerity at this time, and in fact spending cuts have gone too far already, two senior International Monetary Fund officials said Monday (12 December).
Austerity-hit citizens allowed to sue troika, ECJ rules
The European Court of Justice has ruled that EU citizens can now sue the troika if they believe their fundamental rights have been violated by austerity. EURACTIV Germany reports.
Schäuble wants to increase cooperation among member states following Brexit
German Finance Minister Wolfgang Schäuble wants to deepen cooperation between the 27 remaining European Union countries after Britain quits with measures that include a joint asylum policy, Der Spiegel reported on Friday (1 July).
Eurozone hopes for Greece debt deal on 24 May
Eurozone finance ministers yesterday (9 May) gave themselves until 24 May to reach a deal on debt relief and unlocking bailout cash for Greece as they lauded Athens for passing tough reforms.