German Finance Minister Olaf Scholz said that eurozone finance ministers had agreed on a package of measures to reform the European Stabilization Fund (ESM). “The ESM reform strengthens the euro and the entire European banking sector,” said Scholz, whose country currently holds the EU presidency.
According to the agreements, a new “safety cushion” for European banks, the Single Resolution Fund will take effect two years earlier, in particular in 2024.
The ESM was set up by 19 eurozone countries in 2012 to save member states from bankruptcy in the wake of the European debt crisis that began in 2009. Its total capital is 705 billion euros.
However, the states contributed only 80.5 billion euros to the ESM, and provided guarantees for the remaining amount. Germany contributed € 21.7 billion to the European Stabilization Fund and provided € 168.3 billion in guarantees.
Thanks to these funds, ESM can provide money to financial markets on very favorable terms. During the European debt crisis, ESM loans were received by Greece, Spain, Cyprus, etc.
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