Rescue core: EU summit adopts package of reforms to guard against financial crises

adopted in The EU member States have a reform package to protect the Euro zone against future financial crises. This was reported on Friday from diplomatic circles in Brussels. In the centre is the strengthening of the Euro rescue package ESM, the auxiliary loans to bankrupt threatened States awards.

The 2008 financial crisis had hit Europe unprepared. In the result of companies, banks and whole States were in a downward spiral. Only in the highest Distress – and with billions of loans from the Euro partners and the International monetary Fund IMF was saved Greece before the country is bankrupt, the far-reaching consequences for the entire Euro-zone.

The EU heads of state and heads of government commissioned the Minister of Finance, the specific Changes in the ESM Treaty in the coming year. This must be in each of the States ratified it.

In the Detail of the ESM should be able to intervene now, in the future, not only in case of an Emergency, but sooner. This is to prevent minor problems develop into major crises.

Besides, he’s supposed to manage utilities more. In the Greece of crisis, the “Troika”-the European Commission, the European Central Bank and the IMF played the Central role. Between the IMF and the Europeans there were, however, often dispute. The strengthening of the ESM is likely to lead to the IMF pulls the short or long back from Europe.