ECB Calls on Governments to ‘Promptly’ Approve Proposed ESM

The European Central Bank welcomed a draft change to the European Union treaty that would establish a permanent rescue mechanism in 2013 for distressed euro-area nations.

“The ECB encourages member states to approve the draft decision promptly in order for it to enter into force at the date provided in it, which is 1 January 2013,” the Frankfurt-based ECB said in a legal opinion published today. “It is desirable to establish a permanent crisis management framework which can, as ultima ratio, provide temporary financial support to member states whose currency is the euro experiencing impaired access to market financing.”