Merkel backs Schaeuble on EMF (2)

Turn ESM into EMF

(ANSA) - Berlin, August 29 - German Chancellor Angela Merkel on Tuesday backed her Finance Minister Wolfgang Schaeuble's idea of turning the European Stability Mechanism into a European monetary fund (EMF). Merkel said she thought it was a "very good idea" and said "that way we can show the world that we have the instruments to react" to moments of difficulty.
    Schaeuble said last week that southern European countries could in future draw on the European Stability Mechanism (ESM) "not only in case of failures, but also to improve their economic circumstances in negative periods and in the case of natural disasters". But in exchange the ESM should be able to get "greater influence over the budget policies of eurozone countries".
   

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