Dublje Euro integracije

The European Commission has suggested transforming the role of the government-controlled European Stability Mechanism (ESM) into a full-blown European Monetary Fund under parliamentary control and anchored in European Union law, which would also become a backstop for the euro zone’s bank resolution fund.

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The new minister “should coordinate all European finance instruments and step in whenever a member state is facing recession or fundamental crisis,” Juncker said, adding that the person would also chair the meetings of euro-area finance ministers and would be accountable to the European Parliament.

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Finland’s centre-right coalition government said it does not support the Commission’s idea that a European monetary fund should become an EU institution overseen by the European Parliament.

“While the government takes a favourable view towards development of the ESM ... it is not in favour of approving the Commission’s proposal for regulation”, Helsinki said in a statement.

“Instead, the ESM must be developed on the basis of the present intergovern

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