Mercoledì, 19 Settembre 2018

EU says ESM bailout mechanism could fund banks directly

(ANSA) – Brussels, October 12 – The European Union has said
on Friday that the European Stability Mechanism (ESM), a
permanent bailout fund aimed at helping euro nations control the
costs of public borrowing, may be able to provide direct funding
to banks when a supervision mechanism for the sector has been
set up.
The information was contained in an interim report drawn up
by European Council president Herman Van Rompuy.
ANSA has obtained a copy of the report.
Germany's Constitutional Court in September ruled that the
country could participate in the ESM, considered to be an
important pillar of support for the European Central Bank's plan
to purchase sovereign debt in aid of struggling eurozone
members.
The ECB plan foresees the ESM will only buy debt at auction
and the ECB in the secondary market.

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