June 15, 2018 / 9:52 AM / 10 months ago

Merkel: ESM euro zone rescue fund should become long-term instrument

German Chancellor Angela Merkel speaks during the "70 Years of Social Market Economy" anniversary event at the Federal Ministry for Economic Affairs and Energy in Berlin, Germany, June 15, 2018. REUTERS/Michele Tantussi

BERLIN (Reuters) - German Chancellor Angela Merkel said on Friday that she wanted the European Stability Mechanism (ESM), the euro zone’s rescue fund, to be transformed into a long-term instrument.

Merkel and French President Emmanuel Macron will chair a meeting of the Franco-German Council of Ministers in Berlin on Tuesday, where they will discuss reforming the European Union.

Merkel said she hoped they would “make a little bit of progress” at the meeting, which comes ahead of a June 28-29 EU summit.

Merkel has backed Macron’s proposal to turn the ESM into a European Monetary Fund (EMF) with powers to give members hit by sovereign debt troubles short-term credit lines.

Reporting by Michelle Martin and Gernot Heller, editing by Thomas Escritt

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