Curing the eurozone: how to fix the ESM

Bailout fund should guarantee all EU government debts but charge a protection fee, writes Marcello Minenna

As the end of Europe’s quantitative easing programme approaches, Germany is seeking to immunise itself against the possible reignition of sovereign risk in the southern eurozone countries. 

It has proposed to reform the European Stability Mechanism (ESM) – the permanent bailout fund for eurozone countries – to become like a European version of the International Monetary Fund, replacing the European Commission as the enforcer of the rules set out in the stability and growth pact and the fiscal

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