On Monday, euro area ministers of finance agreed to proceed with the reform of the ESM, to sign the revised Treaty in January 2021 and to launch the ratification process.
They also agreed to advance the introduction of the ESM’s common backstop to the Single Resolution Fund (SRF) by the beginning of 2022. This is especially important at a time when the pandemic has stalled improvements to banks’ health that followed the euro crisis. In this post, we argue that although banks emerged better equipped from the last crisis, their residual vulnerabilities, combined with the effect of the pandemic, confirm the benefits of a swift implementation of the backstop.
Read the blog here
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