Photo Gallery: ESM on the Eve of Activation
09/05/2012
The permanent euro bailout fund, the European Stability Mechanism, is set to be...
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The permanent euro bailout fund, the European Stability Mechanism, is set to be activated, provided Germany's highest court doesn't strike it down. There is, however, still disagreement on what the fund should be allowed to do. Italian Prime Minister Mario Monti, pictured here with Chancellor Angela Merkel at the Chancellery in Berlin, would like to outfit the ESM with a banking license, allowing the fund to borrow as much as it needs.