The meeting of European finance ministers on Monday 20 January will not lead to final approval of reform of the European Stability Mechanism (ESM), which will grant new powers to the euro area rescue fund in the event of a macroeconomic crisis.
“There has been no substantial progress” on this issue since the last Eurogroup meeting, said a European source on Wednesday 15 January. The source believed that “technical work” was still required for final agreement on reform of the ESM to...