The European Union needs to agree a common diagnosis and narrative on the road towards completing its Economic and Monetary Union, Marco Buti, Director-General for Economic and Financial Affairs at the European Commission told the 18th Brussels Economic Forum.

This should be accompanied by “very concrete steps”, such as a backstop, or safety net, played by the European Stability Mechanism (ESM), he said. It would come into play if the Single Resolution Fund temporarily runs out of resources to achieve the orderly resolution of distressed banks. Agreed in principle five years ago, the backst

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