Domenica, 21 Ottobre 2018
LUXEMBOURG

'ESM start is good news for Europe' says Juncker

English
© ANSA

(ANSA) - Luxembourg, October 8 - The launch Monday of a
permanent European rescue fund is "good news for Europe," said
Jean-Claude Juncker, president of the Eurogroup of finance
ministers.
The European Stability Mechanism (ESM) came into force
Monday as a permanent agency of the European Union with a
mandate to provide financial help to eurozone countries in
difficulty.
It is designed to eventually replace the temporary European
Financial Stability Facility (EFSF) and although eurozone
countries are funding the ESM's start-up, its loans will come
from its own funds.
Those are expected to reach 500 billion euros by 2014,
money borrowed by the ESM through bond sales on financial
markets to loan to struggling countries.
However, critics worry that even that amount will not be
enough to save struggling treasuries, including those of Italy
and Spain, if these countries ultimately request help.
Juncker spoke during the first meeting of the board of the
ESM at its permanent home in Luxembourg, the same day that
eurozone finance ministers gathered there.

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