January 17, 2018 / 6:52 AM / in a year

ECB's Constancio says would keep ESM as it is - paper

MILAN, Jan 17 (Reuters) - There have been no convincing arguments to transform the European Stability Mechanism (ESM) into a so-called European Monetary Fund, the vice president of the European Central Bank said in an interview on Wednesday.

Speaking to Italian daily la Repubblica, ECB’s Vitor Constancio said he would keep the ESM bailout mechanism as it is, “with its tasks, which it carries out well.”

“I do not see arguments to modify the institutional framework and create a new entity, reducing the role of the Commission,” Constancio said.

Even after the ECB’s decision to cut its bond purchases in half, starting from January, Constancio said he did not rule out that monetary policy would still continue to be “very accommodating for a long time”. (Reporting by Giulia Segreti; Editing by Shri Navaratnam)

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