Berlin clarifies position on ESM in the wake of Bild article

24 August 2017
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Germany’s finance ministry on Wednesday issued a quick clarification after a same-day Bild article claimed that German FinMin Wolfgang Schaeuble has “reversed” his position over any future transformation of the European Stability Mechanism (ESM).

A ministry spokeswoman reiterated that Berlin continues to oppose the joint assumption – by the Euro zone – of individual member-states’ public debt and the issuance of a “Euro bond”.

“We’re not planning new spending into the billions … What is under discussion, for some time now, is the further evolution of the ESM,” Friederike von Tiesenhausen said, adding: “However, the principle whereby we do not, in any way, want to absolve member-states of their responsibility remains.”

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