February 15, 2018 / 7:31 PM / 6 months ago

Finland opposes EU executive's plan for European monetary fund

HELSINKI, Feb 15 (Reuters) - Finland supports the idea of expanding the European Stability Mechanism (ESM) fund into a European monetary fund but does not back the European Commission’s proposal on having the European Parliament oversee it, Helsinki said on Thursday.

The EU executive has suggested transforming the euro zone’s government-owned and run bailout fund into a European Monetary Fund in December, as part of its ideas for deeper euro zone integration.

Finland’s centre-right coalition government said it does not support the Commission’s idea that a European monetary fund should become an EU institution overseen by the European Parliament.

“While the government takes a favourable view towards development of the ESM ... it is not in favour of approving the Commission’s proposal for regulation”, Helsinki said in a statement.

“Instead, the ESM must be developed on the basis of the present intergovernmental treaty”.

The idea of expanding the role of the euro zone bailout fund is backed by Germany and France.

Finland is also opposed to proposals for a joint euro zone budget or common finance ministry. (Reporting by Tuomas Forsell; Editing by Hugh Lawson)

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