Stunned by recent market developments, euro area leaders agreed on Friday night (7 May) to race ahead with plans to set up a euro area crisis mechanism.
Gathered for an emergency meeting in Brussels, the leaders decided to have the new mechanism in place already by next week, with all 27 finance ministers set to approve the deal on Sunday.
The permanent fund is intended to provide loans to euro area states in financial difficulty in the future, something analysts say could greatly...
Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a member for as low as €1,75 per week.
Already a member? Login