December 4, 2019 / 2:12 PM / 2 days ago

Bank of Italy chief says ESM reform is step in right direction

ROME, Dec 4 (Reuters) - Bank of Italy Governor Ignazio Visco said on Wednesday he was in favour of a contested reform of the euro zone’s bailout fund, adding that it needs to be a first step towards broader euro zone financial integration.

“The reform proposal marks a step in the right direction,” Visco told a parliamentary panel.

He said the most positive aspect of the reform of the so-called European Stability Mechanism (ESM) was that it introduces a financial backstop to the euro zone’s resolution fund for ailing banks.

Reporting by Giuseppe Fonte, writing by Gavin Jones

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