The long-standing head of the ESM is open to reforming the fund at the end of his service.
(Photo: AP)
Klaus Regling has been one of the most powerful civil servants in Europe for over a decade. The 71-year-old German was a key player in the euro crisis ten years ago. As head of the European bailout fund, he is in charge of over 700 billion euros.
Before Regling retires in the fall, he wants to rebuild the ESM again. In a new working paper, which is available to the Handelsblatt in advance, Regling’s economists propose nothing less than a reorganization of the financial architecture of the euro area – with the ESM as the lynchpin.
The economists want to create a new 250 billion euro rescue package, which should better protect euro states against crises that are not their fault.
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