European Stability Mechanism

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).

European Stability Mechanism
Logo of the ESM
ESM member states Other EU member states
Formation	27 September 2012 (2012-09-27)
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)
Managing Director	Pierre Gramegna
President of the Board of Governors	Paschal Donohoe
Organs	Board of Governors Board of Directors
Staff	221 by 31 December 2021
Website	esm.europa.eu

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