Europe’s leaders expect the ESM to receive 76% of its €500bn bailout funds from eurozone countries (photo: dpa)

The European Bailout Fund: A 'confidence game' eroding Europe’s democratic institutions

European Union leaders have created a new bailout fund – the European Stability Mechanism. Some experts see it as an attempt to give the appearance of financial stability within the union, to maintain confidence, and to prevent an acute crisis of the EU’s financial and political systems by dribbling out the pain of austerity in small doses. But though this may prevent a catastrophic collapse of Europe’s banking system in the short term, there will be a political price to pay in the long term.

THE European Union has created, by treaty, a new bailout fund known as the European Stability Mechanism (ESM) which will become operational in mid-2013. This action, though, is little more than a...

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Dr. Kim R. Holmes
Both the ESM and the fiscal union treaty of January 2012 are attempts by European leaders to create the appearance of financial stability to avert any defaults, even as they are happening
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