Canada Will it work this time? Hope for the conclusion of the ESM reform

11:20  30 november  2020
11:20  30 november  2020 Source:   ksta.de

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The eurozone is making renewed efforts to better arm itself against future financial crises together. After years of dispute, the finance ministers of the 19 euro states and the other EU countries could finally approve the reform of the euro rescue fund ESM on Monday.

Die Eurozone nimmt erneut Anlauf, sich gemeinsam besser gegen künftige Finanzkrisen zu wappnen. © picture alliance / Julian Stratenschulte / dpa The Eurozone is making renewed attempts to better arm itself against future financial crises together.

This would also pave the way for the rapid introduction of a final safety net for the settlement of bankrupt banks.

The details are technical, but the political meaning is clear: In the middle of the Corona crisis, a signal should come that the countries in the currency area are sticking together. But first the ministers have to clear up the last stumbling blocks.

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What is the ESM reform about?

The main task of the European Stability Mechanism (ESM), which was founded in 2012 after the economic and financial crisis, is and remains to rescue euro states from bankruptcy in the event of a crisis with loans against reform requirements. The ESM has 705 billion euros of share capital, of which the 19 euro countries have paid in 80.5 billion euros and issued guarantees for the rest. Germany is there with 21.7 billion euros paid in and 168.3 billion euros callable capital. On this basis, the ESM can borrow money on the capital market at very favorable terms and pass it on as loans.

The aim of the reform is primarily two points: In the event of a crisis, the ESM should be able to more easily open “precautionary credit lines” (so-called PCCL) for economically healthy countries. And the ESM is to take on the function of a common “backstop” for the SRF bank resolution fund established in 2014.

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What is the common backstop?

The backstop is, so to speak, a state-guaranteed reinsurance for the resolution of bankrupt banks. This is actually supposed to be financed by the SRF resolution fund, which the banks are currently building themselves and which will ultimately have more than 55 billion euros. So far it's around 47 billion. If there is not enough money, the ESM can in future lend the resolution fund money that it has to repay. Ultimately, the shareholders of the ESM are responsible for this backstop - i.e. the 19 euro countries and their taxpayers.

What's the problem?

The main features of the ESM reform were agreed in 2018 and should actually be wrapped up in December 2019. But Italy took a stand. Domestically, the ESM is a sensitive issue there. Above all, the right-wing Lega scores with criticism of the austerity programs that the ESM is demanding in return for bailout loans.

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Specifically, a year ago the Italian government raised concerns about one aspect of the ESM reform: creditor participation as a prerequisite for ESM aid. An instrument called "single limb collective action clauses" is planned. This should make it easier to decide on a haircut or a maturity extension of government bonds. Critics in highly indebted Italy fear that this innovation could make loans on the capital market more expensive because investors would let themselves be paid for the risk.

What does Germany want?

Germany supports the ESM reform, but has another sore point: the reduction of risks - especially bad loans - in bank balance sheets before the common backstop is introduced. This should start “by 2024 at the latest”, but can be brought forward as soon as the ESM reform is in place and banking risks have been reduced. The latest inventory actually certifies a reduction in the risks, as a representative of the Eurogroup said last week. Germany wants the assurance that this will continue.

Will the agreement work this time?

Although the substance of the reform has not changed for a year, one can be “quite optimistic” that a result will be achieved this Monday, said the representative of the Eurogroup last week. Count on political commitments from Italy. But he wasn't quite sure. There is still a lot to talk about, it said. Night session not excluded.

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