''The European Commission’s ESM reform plans are so one-sided that they can only exacerbate the Eurozone’s existing problems and deepen the gulf between creditor and debtor states, writes Clemens Fuest.
Clemens Fuest is President of the Ifo Institute and co-author of the European Economic Advisory Group Report 2017.
The European Commission has proposed further developing the European Stability Mechanism (ESM) into a European Monetary Fund (EMF). Firstly, the European Council should be given a greater say and should be able to approve or reject bail-out programmes. Secondly, it proposes giving the EMF more instruments and more money to support crisis-afflicted states and banks. Thirdly, the EMF should be obliged to report regularly to the European Parliament and national parliaments on its activities, with a view to achieving greater democratic control..''
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