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Eurozone – In Vienna, a European Monetary Fund is deemed to be meaningful News

Saturday, September 2nd, 2017 | Economy

Austrian Finance Minister Hansjörg Schelling (ÖVP) welcomes the proposal of his German colleague Wolfgang Schäuble to set up a European Monetary Fund. "I consider this discussion to be appropriate, meaningful and necessary", said the minister on the sidelines of the Forum Alpbach of the Reuters news agency.
However, such a project is a "long-term project" and does not go from day to day. In order to expand ESM's existing ESM rescue fund accordingly, the Treaties would have to be amended. This would take at least three to five years.
The Austrian Finance Minister does not want to actively enter the debate on the succession of Eurogroup head Jeroen Dijsselbloem. "I have no opinion," said Schelling, who was named as a possible successor in media reports. At present, many considerations are under way, Schelling said.
Dijsselbloem's term runs until January 2018. Until then a decision about a succession should be taken, Schelling said. Dijsselbloem is not expected to belong to the next government in The Hague after the election victory of his Social Democratic Party in the Netherlands. So far, he has been talking about the meetings of the euro finance ministers at least until his successor as Finance Minister.
In Austria, parliamentary elections are scheduled for mid-October. Schelling's party, the conservative ÖVP, has been clearly in the poll since the takeover of the party leadership by Foreign Minister Sebastian Kurz. After the 31-year-old took over the conversion values ​​climbed to more than 30 percent of previously about 20 percent. The right-wing populist FPÖ, which was up to the OVP personal rochade in front, finally fell third place behind the Social Democrats (SPÖ).
(Reuters)

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