Monday

3rd Oct 2022

Ticker

'Hanseatic' states urge reform of European Stability Mechanism

Ahead of the eurozone finance ministers meeting in Brussels on Monday, 10 smaller northern EU countries, including non-euro members, branding themselves as 'Hanseatic' states, have presented a joint paper on how to reform the European Stability Mechanism (ESM). They suggest that more power be given to the ESM managing director, who should be "tasked to verify the adequacy of the borrower's repayment capacity" before financial assistance is granted.

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EU officials were warned of risk over issuing financial warning

The European watchdog for systemic economic risk last week warned of "severe" threats to financial stability — but internal notes show top-level officials expressed "strong concerns" over the "timing" of such a warning, fearing publication could further destabilise financial markets.

Opinion

EU leaders have until Friday for refugee resettlement pledges

EU commissioner Ylva Johansson's words on refugee protection were welcome. But, worryingly, the commitments made by EU leaders at the forum have not translated into action. There is still time for them to save face — but it's running out.

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