Finance

Finance

EU finance ministers to hold teleconference

19 December 2011 09:03 (UTC +04:00)

Baku - APA-Economics. European Union finance ministers will hold a teleconference on bilateral loans to the International Monetary Fund and on the new fiscal compact for the euro zone on Monday at 1430 GMT, European Union officials said on Sunday, APA reports quoting Reuters.

"There will be a conference call of the Eurogroup Plus, that is the 27 EU countires, tomorrow afternoon," a spokeswoman for Eurogroup President Jean-Claude Juncker said.

Euro zone officials who asked not to be named said there would also be a discussion about the European Stability Mechanism - the 500 billion euro permanent euro zone bailout fund. Ministers would discuss a new, qualified-majority voting mechanism that is to replace unanimity for the ESM under a decision of euro zone leaders on December 9.

Euro zone leaders decided on Dec 9 to bring forward the launch of the ESM by one year to July 2012 to help boost the euro zone’s defences. They also decided to abolish unanimity in ESM voting to prevent small countries blocking major decisions.

Finland objected to the change, because to accept it the Finnish government would have to have a two thirds majority in parliament, which it does not have.

The leaders also agreed on Dec 9 to boost IMF crisis-fighting resources by 150 billion euros with non-euro zone EU countries expected to contribute up to 50 billion euros.

The deadline for EU countries to make up their mind about how much they can lend to the IMF was set for Dec 19.