Regling defends ESM’s role in safeguarding eurozone integrity during crisis
ESM chief says completing banking union would reduce risk of future financial turmoil
If European officials had failed to create the rescue funds to respond to the financial crisis, weaker countries would have been forced to abandon the eurozone at great cost to the entire continent, Klaus Regling said in a speech on July 23.
The managing director of the European Stability Mechanism said the completion of the European banking union is necessary to reduce the damage that future crises could inflict on the financial sector. Regling thinks the creation of a backstop for the Single
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