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MNI BRIEF: EU May Need Alternative SRF Backstop - Official

(MNI) Brussels

Italy's failure to approve a reform of the European Stability Mechanism treaty continues to pose an obstacle to banking union.

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The European Union may eventually need to take another route to secure a strong and well-funded backstop for the Single Resolution Fund, if Italy continues to fail to ratify changes to the treaty governing the European Stability Mechanism, a senior EU official said on Tuesday.

“If it turns out we have to have another think of our toolbox then so be it,” the official said, adding that the EU has not given up on efforts to persuade Italy to adopt the reform. Funding the SRF backstop would be a key stage in the creation of an EU-wide Banking Union,
The Italian parliament rejected the ESM treaty reform in a vote in January and will not be able to vote again until June
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The European Union may eventually need to take another route to secure a strong and well-funded backstop for the Single Resolution Fund, if Italy continues to fail to ratify changes to the treaty governing the European Stability Mechanism, a senior EU official said on Tuesday.

“If it turns out we have to have another think of our toolbox then so be it,” the official said, adding that the EU has not given up on efforts to persuade Italy to adopt the reform. Funding the SRF backstop would be a key stage in the creation of an EU-wide Banking Union,
The Italian parliament rejected the ESM treaty reform in a vote in January and will not be able to vote again until June