New report

Euro Area Stability Watch 2026

Global shocks, domestic shields: Resilience under strain

See the full report

Who we are

The European Stability Mechanism (ESM) provides financial assistance to euro area countries in crisis, acting as a lender of last resort to ensure the financial stability and prosperity of the euro area.

Learn more about us

Pierre Gramegna

Managing Director

Management board

News

Rolf Strauch at press conference on launch of EASW

New

Euro area resilience under strain as global risks intensify

New

Pierre Gramegna interviewed by RTL TV (Luxembourg)

Bulgaria joins ESM as its 21st Member

Facts

ESM shareholders

€295bn

total amount of loans disbursed by ESM/EFSF

€433bn

ESM's remaining lending capacity (Forward Commitment Capacity)

86%

Percentage of ESM’s €500 bn lending capacity currently available

€81.1bn

ESM’s paid-in capital

12.5years

Weighted average maturity of ESM loans to Spain

Blog

Resilience under strain: The euro area is exposed to risks from Middle East conflict and US asset markets

Chief Economist

Resilience

New

digital-graph-chart-diagrams-of-cryptocurrency-st-2026-03-25-10-05-01-1540

International organisations leading the way in artificial intelligence – the next frontier for capital markets

Chief Financial Officer

Artificial intelligence

International organisations

Less special, less contagious? US Treasury supply spillovers to Bund yields

Economic and Market Analysis

Bonds

Financial markets

Innovation, risk, and trust: building a safe path to tokenised finance in Europe

Financial Sector and Market Analysis

Legal

Innovation

Risks

Group visits inquiry

The ESM welcomes groups from schools, universities, and other institutions that wish to learn about the institution and its role in safeguarding financial stability in the euro area.

Group visit request form