The coalition parties call for a transformation of the European Stability
Mechanism (ESM) into a European Monetary Fund (EMF).
They state the preference that this body should be subject to parliamentary control and
included into Union law which reflects the proposal put forward by the EU
Commission1 but it appears to be a clear divergence from the German position
under former FM Schäuble.
This succinct sentence leaves a number of
questions open, though. So far, the ESM is an intergovernmental institution run
by the finance ministers of the euro area members (Germany has a capital
share of 27% which gives it a veto position) with national parliaments having a
say over bail-out programmes and distribution of respective tranches (see