HELSINKI: The EU executive has suggested transforming the eurozone’s government-owned and run bailout fund into a European Monetary Fund in December, as part of its ideas for deeper euro zone integration.
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 intergovernmental treaty”.
The idea of expanding the role of the eurozone bailout fund is backed by Germany and France.