ECB supports giving ESM independence

European Central Bank
Annabel Jeffery

The European Central Bank has supported the European Commission’s proposal to transform the European Stability Mechanism into an autonomous institution within the European Union.

The ECB also agrees with the EC’s proposal to use a reformed ESM to create a “credible common backstop” for resolving banks in the European Union, but it opposes a suggestion that the fund should change its name, it said in a legal opinion on April 11.

The EC’s proposal would need the support of the European Council,

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