European Stability Mechanism
Intergovernmental financial organization / From Wikipedia, the free encyclopedia
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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).
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 |