somes

Reform of the ESM and establishment of a European Monetary Fund

Summary

The report discusses a proposal to transform the intergovernmental European Stability Mechanism (ESM) into a European Monetary Fund within the EU legal framework. This move aims to strengthen the Economic and Monetary Union and increase democratic accountability through better oversight by the European Parliament.
10 14.03.2019
Other
economy
finance
european union
monetary economics
public finance and budget policy

Key points

  • A proposal exists to reform the current intergovernmental stability mechanism into a new fund within the EU legal framework.
  • The primary goal is to strengthen the Economic and Monetary Union and increase democratic accountability.
  • Integration into the EU legal order would allow the European Parliament to exercise better oversight and budgetary control.
  • The reformed institution should provide financial assistance to Member States during severe economic shocks.
Documents (PDFs)
INTERIM REPORT on the proposal for a Council Regulation on the establishment of the European Monetary Fund Establishment of the European Monetary Fund
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