On Wednesday, 4 December, euro area finance ministers decided to set at €68 billion the maximum lending threshold that the European Stability Mechanism (ESM), acting as a backstop, could grant to the Single Resolution Fund (SRF) if it lacks the financial resources to resolve a major failing banking group.
This decision is the only real progress made at the last Eurogroup meeting of 2019. The ministers, in fact, were not in a position to finalise the reform of the ESM, the permanent rescue...