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'Hanseatic' states urge reform of European Stability Mechanism
By EUobserver
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.