Slovakia can imagine the European Stability Mechanism (ESM) being transformed into the European Monetary Fund. Slovak Prime Minister Peter Pellegrini announced at a session of the parliamentary European affairs committee on Wednesday.

"Slovakia welcomes revision of preventive tools, including the European Stability Mechanism. It shows that it has already fulfilled its historical role and we welcome its revision as a move in the right direction," stressed Pellegrini.

According to Pellegrini, the ESM has a potential to play a more significant role in preventing, not only in addressing crises.

"Therefore, it might move towards a kind of European Monetary Fund that might play a more important role in the case of shocks that we might and we probably will face with regards to cyclicity of economic development," stated Pellegrini.