Transformation of the European Stability Mechanism (ESM)

22.3.2017

Question for written answer E-001905-17
to the Commission
Rule 130
Jiří Pospíšil (PPE)

Eurogroup President, Jeroen Dijsselbloem, told the German daily newspaper Frankfurter Allgemeine, on 19 March 2017, that he thought it was a good idea to create a European alternative to the International Monetary Fund. He proposes to implement this objective within the medium to long term, by transforming the European Stability Mechanism (ESM), which should, in time, acquire competences and experience similar to those of the International Monetary Fund, thus becoming the main institutional support for resolving economic crises particularly in the EU. The German Finance Minister, Wolfgang Schaeuble, has floated a similar idea in the past.

1. What does the Commission think of Jeroen Dijsselbloem’s idea?

2. Could such a fund become an effective and successful alternative to the International Monetary Fund for the EU?

3. If the idea is implemented, would it change the structure of Troika, and would the Commission consider such a change to be beneficial?