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ESM EUROPEAN STABILITY MECHANISM

ESM EUROPEAN STABILITY MECHANISM

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Published by: delosmagosreyes on Jul 06, 2012
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07/06/2012

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 T/ESM 2012/en 1TREATYESTABLISHING THE EUROPEAN STABILITY MECHANISMBETWEEN THE KINGDOM OF BELGIUM, THE FEDERAL REPUBLIC OF GERMANY,THE REPUBLIC OF ESTONIA, IRELAND, THE HELLENIC REPUBLIC,THE KINGDOM OF SPAIN, THE FRENCH REPUBLIC,THE ITALIAN REPUBLIC, THE REPUBLIC OF CYPRUS,THE GRAND DUCHY OF LUXEMBOURG, MALTA,THE KINGDOM OF THE NETHERLANDS, THE REPUBLIC OF AUSTRIA,THE PORTUGUESE REPUBLIC, THE REPUBLIC OF SLOVENIA,THE SLOVAK REPUBLIC AND THE REPUBLIC OF FINLAND
 
 T/ESM 2012/en 2THE
 
CONTRACTING
 
PARTIES, the Kingdom of Belgium, the Federal Republic of Germany,the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the FrenchRepublic, the Italian Republic, the Republic of Cyprus, the Grand Duchy of Luxembourg, Malta,the Kingdom of the Netherlands, the Republic of Austria, the Portuguese Republic, the Republic of Slovenia, the Slovak Republic and the Republic of Finland (the "euro area Member States" or"ESM Members");COMMITTED
 
TO
 
ensuring the financial stability of the euro area;RECALLING
 
the Conclusions of the European Council adopted on 25 March 2011 on theestablishment of a European stability mechanism;
 
 T/ESM 2012/en 3WHEREAS:(1) The European Council agreed on 17 December 2010 on the need for euro area Member Statesto establish a permanent stability mechanism. This European Stability Mechanism ("ESM")will assume the tasks currently fulfilled by the European Financial Stability Facility ("EFSF")and the European Financial Stabilisation Mechanism ("EFSM") in providing, where needed,financial assistance to euro area Member States.(2) On 25 March 2011, the European Council adopted Decision 2011/199/EU amendingArticle 136 of the Treaty on the Functioning of the European Union with regard to a stabilitymechanism for Member States whose currency is the euro
1
adding the following paragraph toArticle 136: "The Member States whose currency is the euro may establish a stabilitymechanism to be activated if indispensable to safeguard the stability of the euro area as awhole. The granting of any required financial assistance under the mechanism will be madesubject to strict conditionality".(3) With a view to increasing the effectiveness of the financial assistance and to prevent the risk of financial contagion, the Heads of State or Government of the Member States whosecurrency is the euro agreed on 21 July 2011 to "increase [the] flexibility [of the ESM] linkedto appropriate conditionality".
1
OJ L 91, 6.4.2011, p. 1.

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