ECB opines on how euro crisis facility should work


The eurozone's permanent crisis resolution mechanism must safeguard against moral hazard by involving the IMF, the European Central Bank (ECB) has said.

In an opinion published on Thursday on the European Stability Mechanism (ESM), set to be rolled out in 2013, the ECB said: "There is a fundamental need for the ESM to be safeguarded against the moral hazard inherent in any crisis management mechanism."

The central bank added: "Safeguards such as IMF involvement in debt sustainability analysis,

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