Brussels, 20/01/2015 (Agence Europe) - Speaking from India on Tuesday 20 January, the German finance minister, Wolfgang Schäuble, said that the 'troika' (European Commission, ECB and IMF) was the right body to monitor the adjustment programmes applied in exchange for financial support from the Eurozone.
He argued that withdrawing the ECB would call for change of the treaty on the European Stability Mechanism (ESM), the Eurozone's permanent bailout fund.
Last week, the Advocate General the Court of Justice of the EU found that the 'OMT' programme for the buy-back of government debt was compatible with the ECB's mandate, as long as the bank does not take a direct part in monitoring the rescue programme any Eurozone country benefiting from the 'OMT' programme may be under (EUROPE 11230). (MB)