March 12, 2018 / 5:35 PM / a year ago

Euro zone ministers support broader remit for their bailout fund

President of the Eurogroup Mario Centeno rings a bell at the start of an eurozone finance ministers meeting in Brussels, Belgium, January 22, 2018. REUTERS/Yves Herman

BRUSSELS (Reuters) - Euro zone finance ministers expressed broad support on Monday for expanding the responsibilities of their ESM bailout fund, including the design of future bailouts and back-stopping the euro zone Single Resolution Fund for banks.

The ministers noted however, that control over the ESM has to stay in the hands of euro zone governments, rather than become shared with EU institutions. They agreed the ESM and the European Commission’s roles in monitoring economic policy of governments would not overlap.

“There is broad support to reinforce the role of the ESM in crisis management in the current institutional framework while avoiding any duplication with the Commission,” the chairman of the ministers Mario Centeno told a news conference.

Reporting By Jan Strupczewski

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