Eurogroup agrees on European Stability Mechanism reform

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Published Dec 4, 2018

Eurozone finance ministers have agreed to invest more in a fund called the European Stability Mechnanism (ESM) that helps countries struggling with debt problems. It's the main outcome of marathon negotiations in Brussels. The ministers say this will leave the single currency better equipped to deal with future crises. But the agreements fall short of French President Emmanuel Macron's proposals to appoint a finance minister and introduce a common eurozone budget. There was also no consensus on integrating the bloc's banking system.. with countries agreeing only to dicuss the matter again next year.
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