Euro area Finance Ministers reached an agreement on the reform of the European Stability Mechanism (ESM) in the early evening of Monday 30 November. The euro area permanent rescue fund will play an enhanced role in managing the macroeconomic crisis in the euro area and will be the lender of last resort for the Single Resolution Fund (SRF), the financial arm of the resolution arm of the banking union.
This agreement, which “reflects the progress made in reducing risks” of a financial...