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Question On ESM Reform

ECB
  • Q: Re ESM, the Italian gov't may not ratify reform - would you like to comment?
  • A: My understanding that the case before the German constitutional court has been settled so Germany will ratify, so Italy the outlier. From the ECB point of view, obviously we hope the ESM ratification by Italy comes in short order, so the ESM can play its role. On the relationship between ESM and OMT, there is still ESM governance that can still operate with relationship to OMT.

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