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Economic Research

EZ Rescue Response: Serious at Last?

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EXECUTIVE SUMMARY

At a special eurozone summit on May 8-9, eurozone leaders reached agreement on a new EU Stabilization Mechanism. Subject to strict IMF conditionality, this new mechanism will be backed by funds of up to €750 billion, of which two thirds will be provided by eurozone members and one third by the IMF. Of the eurozone's €500 billion share, €60 billion are readily available since they draw on an existing facility. The remaining €440 billion are to be sourced through an SPV and are subject to the same conditions and approval process as the joint loan to Greece. Assuming[...]

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