Brussels pushes for European version of International Monetary Fund

On December 6, Brussels will propose turning the EU’s bailout mechanism into the European version of the International Monetary Fund (IMF). The proposal, to which EL PAÍS has had access, scales back initial ambitions because of Germany’s reticence to support bolder plans.

With initial firepower of €500 billion, which could be boosted up to a further 20%, the new European Monetary Fund will bail out member states in exchange for reforms, as the European Stability Mechanism (ESM) has done in the past with Greece, Ireland and Portugal. The ESM also issued a loan to Spain in 2012 to recapitalize its banking sector.

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