EU pledges to make bailout vehicle permanent

European commission

The European Council on Friday agreed to a permanent bailout vehicle to rescue troubled eurozone members, in a fresh attempt to soothe financial market sentiment on the monetary union.

The creation of the fund, which will replace the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism set up in May, will involve an amendment of the EU Treaty.

Any bailouts would be activated by mutual agreement of the euro-area member states in case of risk to the stabi

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