On Monday 30 November, euro-area Finance Ministers will discuss the reform of the European Stability Mechanism (ESM). In the Council of the European Union, it is hoped that the Treaty revising the ESM will be signed in January 2021 with a view to entry into force at the end of next year.
The reform of the ESM foresees in particular that the permanent euro-area rescue fund will play a greater role in preventing macroeconomic crises in the euro area and that it will act as a backstop for the...