European Stability Mechanism

European Stability Mechanism

ESM headquarters in Luxembourg City
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°38′07″N 6°10′06″E / 49.63529°N 6.1684°E / 49.63529; 6.1684
Membership	20 (all Member States of the eurozone)
Managing Director	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).