Bank of Portugal governor calls for a European monetary fund

carlos-costa
Bank of Portugal governor, Carlos Costa

Bank of Portugal governor Carlos Costa believes the European Stability Mechanism (ESM) should be transformed into a "European monetary fund" that is "empowered to act quickly and decisively in a crisis".

Speaking on Friday at an event organised by the Portuguese finance ministry in Lisbon, Costa said the institution should be independent from its member states and able to "create a mechanism to provide technical and financial support to countries facing unsustainable situations".

He proposes the

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