Euro area finance ministers failed, on Thursday 16 June in Luxembourg, to agree on the identity of Klaus Regling’s successor as head of the European Stability Mechanism (ESM), the euro area’s permanent rescue fund.
None of the three remaining candidates - Italy’s Marco Buti, Luxembourg’s Pierre Gramegna and Portugal’s João Leão - could gather a qualified majority for their candidacy, so the ministers, during a meeting of the ESM Board of Directors, did not hold a new vote to try...