February 10, 2017 / 5:07 PM / a year ago

Schaeuble backs Regling for another five years at ESM: German source

BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble supports another five-year term for Klaus Regling as managing director of the eurozone bailout fund, the European Stability Mechanism (ESM), a government source told Reuters on Friday.

Regling, a fellow German, took office in October 2012 as the first head of the newly created ESM. His term ends on Oct. 7 and he has signaled a willingness to continue.

Because Regling’s term is nearing its conclusion, Eurogroup president Jeroen Dijsselbloem recently urged finance ministers to put forward names of other qualified candidates.

Reporting by Gernot Heller; writing by Erik Kirschbaum; Editing by Mark Trevelyan

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