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The European Commission wants to create a new financial backstop for ailing banks from its member countries that do not use the euro currency. The 17 EU countries that use the euro have a €500 billion fund, called the European Stability Mechanism, that they can tap to help rescue troubled banks. But the other 11 members, which include Britain, Poland and Hungary, do not. For those countries, the Commission, the 28-nation EU’s executive arm, is proposing to use an existing €50 billion ($68 billion) fund currently being used as a backstop for countries experiencing a balance-of-payment crisis, Commission spokesman Simon...

Is the EU and the euro in crisis? The EU is planning a new fundamental law, the Treaty for the establishment of the so called European Stability Mechanism. (ESM), the Debt Union. The draft for the ESM is now to be examined by the representatives in Parliament. Art. 8 The founding capital is 700 billion euros. Where does this amount come from? Who has calculated it and on which basis? Art. 9.3 ESM Members hereby irrevocably and unconditionally undertake to pay on demand any capital call made on them ... to be paid within 7 days of receipt. When the...