ESM loans are conditional upon the implementation of macroeconomic reform programs prepared by the European Commission, in liaison with the European Central Bank and, where appropriate, the International Monetary Fund.

The European Stability Mechanism is an intergovernmental organisation established by member states of the euro area in 2012. Its mission is to enable the countries of the euro area to avoid and overcome financial crises and to maintain long-term financial stability and prosperity.

The ESM’s mission is to enable the countries of the euro area to avoid and overcome financial crises and to maintain long-term financial stability and prosperity. ESM can provide financial assistance to euro area countries experiencing or threatened by severe financing problems.

For the ESM to have only a limited impact on market prices, a requirement stipulated in the ESM’s Guideline on Investment Policy, the ESM has defined a special operational framework that covers all aspects of the investment process.

Situation as of June 2024 (2023 ESM Annual Report) Greece recorded a robust economic performance in 2023, with GDP growing 2%, unemployment declining, and the government primary surplus increasing further.

The ESM Treaty has since the ESM’s inception in 2012 included the requirement that the ESM should only provide stability support to countries whose debt is considered sustainable. The revised ESM Treaty will also require the confirmation of a country’s repayment capacity.

ESM Briefs is a concise presentation of research by ESM staff members, helping readers better understand and navigate current economic policy debates. More about ESM Briefs

The ESM is the permanent rescue fund set up in 2012 to provide loans to financially distressed euro area countries. The assistance is granted, under strict conditionality, if needed to safeguard the financial stability of the entire euro area and of each euro area country.

The Report provides an insight into the ESM’s incorporation of ESG considerations to its operations and institution-wide initiatives. The report underscores the ESM’s commitment to transparency, accountability, and responsible investment practices.

Being part of the ESM is about more than just joining an important international financial institution, it’s also about actively contributing to the ESM mandate. At the ESM, every day brings exciting new challenges where each and every voice counts.