Asmussen and Rehn sketch plans for European body to replace ‘troika'

Jörg Asmussen

European Central Bank (ECB) executive board member Jörg Asmussen today told the European Parliament that the ‘troika' – the grouping of the ECB, the European Commission and the IMF – should be replaced by a "fully EU" institution, but only once the financial crisis has passed.

Facing questions from the European Parliament's committee for economic and monetary affairs, Asmussen defended the scale of emergency liquidity assistance (ELA) offered through the Cypriot central bank to Cyprus' failed

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