ESM will act as 'fire service' for euro area: ECB’s Constâncio

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Vítor Constâncio, the vice-president of the European Central Bank, on Wednesday said the European Stability Mechanism (ESM) should be used as a last resort for countries seeking financial assistance.

At the Brussels Economic Forum in Belgium, Constâncio said: "Reinforcing economic governance and elevating economic growth cannot exclude the possibility of crises. We would all agree that, even with the best fire-proof materials and state-of-the-art alarms, it is still prudent to employ a fire

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