The Strategist

Ministers of 10 EU countries call for strengthening the European Stability Mechanism

11/05/2018 - 11:56

The Ministers of Finance of 10 EU countries called for strengthening the European Stability Mechanism in a joint statement (ESM), the Finnish Ministry of Finance reported.

"Strengthening the European Stability Mechanism will make the EU's crisis management strategy more reliable and effective, say the finance ministers of ten EU member states in a joint statement," the report says.

A statement was made on behalf of the finance ministers of Finland, Sweden, Denmark, Estonia, Latvia, Lithuania, the Netherlands, Ireland, the Czech Republic and Slovakia.

The ESM was created against the backdrop of the financial and economic crisis in the Eurozone caused by the global crisis. It provided credit support to a number of problem countries of the currency association, which, in exchange for these funds, carried out reform programs and economic adjustment. One of these states was Greece. Money was allocated to avoid worsening problems in these countries and their spread to the Eurozone.

The representative office of the European Commission in Finland told that economic relations will also be discussed during the visit of the Deputy Chairman of the EC Valdis Dombrovskis to Helsinki on 9 November.

“Dombrovskis will meet with Finnish Finance Minister Petteri Orpo in Helsinki on 9 November. The issues to be discussed include the Finnish economy and the economic outlook of the European Commission,” said Pia Siitonen, an employee of the Finnish representative office of EC.