European Stability Mechanism
Intergovernmental financial organization / From Wikipedia, the free encyclopedia
The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It was established on 27 September 2012 as a permanent firewall for the eurozone, to safeguard and provide instant access to financial assistance programmes for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion. It has replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM).
Quick Facts Formation, Type ...
Formation | 27 September 2012 (2012-09-27) |
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Type | IGO |
Legal status | Treaty Establishing the European Stability Mechanism |
Headquarters | Luxembourg City, Luxembourg 49.63529°N 6.1684°E / 49.63529; 6.1684 |
Membership | 20 (all Member States of the eurozone) |
Pierre Gramegna[1] | |
President of the Board of Governors | Paschal Donohoe |
Organs | Board of Governors Board of Directors |
Staff | 221 by 31 December 2021[2] |
Website | esm.europa.eu |
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