The European Stability Mechanism (ESM) is part of the EU strategy designed to safeguard financial stability in the euro area. Like its predecessor, the temporary European Financial Stability Facility (EFSF), the ESM provides financial assistance to euro area countries experiencing or threatened by financing difficulties.
Pandemic Crisis Support
Based on the Eurogroup report of 9 April 2020, the Commission has prepared a draft Response Plan template which responds to Articles 13(3) and 14(2) of the ESM Treaty. It includes the standardised terms that would be applicable to all euro area Member States that would access the Pandemic Crisis Support. The template will be customized to each beneficiary Member State, when they request access to the Pandemic Crisis Support. The customisation would only pertain to concrete indications of the costs incurred by the Member State as a result of the COVID-19 crisis.
The documents below present the outcomes of the preliminary assessments conducted by the Commission services - in liaison with the ECB - confirming the eligibility of all the euro area Member States for the proposed Pandemic Crisis Support to be provided by the European Stability Mechanism.