Europe’s bailout fund defends record

The head of Europe's rescue fund, Klaus Regling, argues that the response to the eurozone crisis is bearing fruit.

Europe’s bailout fund defends record

The eurozone may not be out of crisis but the European response is working, said Klaus Regling, managing director of the European Stability Mechanism ESM, the region’s emergency bailout fund.

He said that, in addition to the well-known efforts by the European Central Bank to stabilise financial markets, periphery countries have made meaningful structural changes that are now setting the stage for growth.

Their interest rates have come down and countries such as Spain, Portugal and Ireland...

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