New European Union rescue fund is not the answer

The stability mechanism will make it harder for countries such as Ireland to attract funds in private markets

16th April, 2011

After much hesitation and a lot of pressure exerted by financial markets, European leaders finally decided at the end of March to set up a permanent financial support mechanism which was given the name of the European Stability Mechanism (ESM).From 2013 on, Eurozone countries will pool financial resources to be disbursed to member countries in times of crisis.

This historic decision illustrates the painful and slow way the eurozone moves in the direction of more...

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