German coalition talks open possibility of reformed ESM
European Commission proposed creating a new institution to lead crisis programmes in December
The German centre-right CDU-CSU and the social democratic party SPD are considering reforming the European Stability Mechanism into a European Monetary Fund supervised by the European Parliament, a joint document published on January 12 shows.
Since the outbreak of the sovereign debt crisis, the coalition, led by chancellor Angela Merkel, have championed the idea of an ESM controlled by member states, focused on enforcing fiscal rules in exchange for financial help. The economic team of former
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