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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.
Following the onset of the European sovereign debt crisis, there was a drive to reform the functioning of the eurozone in the event of a crisis. This led to the creation, amongst other things, of loan (pejoratively called "bailout" in the media) mechanisms: the European Financial Stability Facility (EFSF) for eurozone member states and the European Financial Stability Mechanism (EFSM) for all ...
The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG, or more plainly the Fiscal Stability Treaty [3] [4] [5] is an intergovernmental treaty introduced as a new stricter version of the Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic and the United Kingdom. [1]
Fitch Ratings today bestowed a 'AAA' rating on the European Stability Mechanism (ESM) that began its operations today and replaced the temporary European Financial Stability Fund (EFSF). Fitch's ...
The financial package was designed to cover financing needs up to €85 billion and would result in the EU providing up to €23 billion through the European Financial Stabilisation Mechanism and the EFSF up to €18 billion over 2011 and 2012. The first bonds of the European Financial Stability Facility were issued on 25 January 2011.
The Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) is a Directorate-General (DG) of the European Commission. [1] It is one of the thirty three DGs created and named to reflect their functions.
Cyprus successfully concluded its three-year financial assistance programme at the end of March 2016, having borrowed a total of €6.3 billion from the European Stability Mechanism and €1 billion from the International Monetary Fund.
The European Commissioner for Financial Stability, Financial Services and the Capital Markets Union is the member of the European Commission responsible for banking and finance. The current officeholder is Mairead McGuinness .