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2010-11-12

The European Financial Stability Fund (EFSF) and The Permanent Crisis Resolution Mechanism (PCRM)

The European Financial Stability Fund (EFSF) mentioned by the finance ministers is the existing €750bn fund set up last May to help countries with difficulty repaying their debts.

The Permanent Crisis Resolution Mechanism (PCRM) is what they propose should replace it in 2013.

Anyone wanting to know just how daft and self defeating the EU’s latest utterences on the Permanent Crisis Resolution Mechanism (the structure through which sovereign bailouts would be conducted) really are, should take a look at the note just published by Marco Annunziata, chief economist at UniCredit Group.

Jeremy Warner, assistant editor of The Daily Telegraph

När och hur spricker EMU?

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