ESM to become backstop to Single Resolution Fund

European Union flags

The European Stability Mechanism will soon be able to serve as a backstop to the European Union’s Single Resolution Fund (SFR), a key step towards the banking union.

This is included in the Agreement Amending the Treaty Establishing the ESM, which was signed today (January 27) by the ambassadors to the EU of ESM member countries. The deal was originally approved by the Eurogroup of eurozone finance ministers in November.

The amendment also gives the fund a stronger role in preparing and

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