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Speaking at a conference in Lisbon, where Eurogroup chairman
Mario Centeno made a similar call, Klaus Regling said the ESM's
discussions with investors had shown that they are closely
looking at the topic of the currency's global role.
"If we succeed in deepening monetary union further, that would
certainly also help in strengthening the euro's global role and
I believe the time is right to do so," Regling said, adding that
it would also help protect Europe's interests.
Speaking of a future budget for the 19 countries that share the
euro, Regling said "there are good reasons to also talk about a
fiscal instrument for macroeconomic stabilization in this
context", but member states were still "far from a consensus on
this".
The idea of the budget, which should support reforms and
investment with grants and loans, is to be fleshed out by the
Eurogroup over the next three months and fully presented in
June.
Regling also said that despite the current lack of consensus on
another issue, of a common deposit guarantee scheme, he was
"confident that a European deposit insurance scheme will come
eventually".
The common insurance scheme is important for the completion of
the banking union, one of the pillars of the euro zone reform
aimed at deepening the economic integration of the single
currency area.
Earlier, chairman of euro zone finance ministers Centeno said
global uncertainty stemming from the risk of trade wars and
dismantling of international alliances meant that Europe has to
give its currency more prominence alongside the dollar by
completing the economic and monetary union.
(Reporting By Andrei Khalip, editing by Axel Bugge)
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