Germany’s Bosbach Says ESM Is Step to Transfer Union, RP Says

Wolfgang Bosbach, chairman of the domestic affairs committee in Germany’s lower house of Parliament, or Bundestag, said the permanent rescue mechanism is a step toward a European transfer union, Rheinische Post reported, citing an interview.

“I cannot agree to the ESM as Germany would again take on giant liability risks, this time amounting to another 190 billion euros,” Bosbach was quoted as saying in an e-mailed preview of an article to appear in the June 29 edition of the paper.

To contact the reporter on this story: Annette Weisbach in Frankfurt at aweisbach1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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