![]() Logo of the ESM | |
![]() ESM member states Other EU member states | |
Formation | 27 September 2012 |
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Type | IGO |
Legal status | Treaty Establishing the European Stability Mechanism |
Headquarters | Luxembourg City, Luxembourg 49°38′07″N 6°10′06″E / 49.63529°N 6.1684°E |
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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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).