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How we decide

How we take decisions and how our 19 Members have their say


Each ESM Member contributes to the ESM authorised capital based on each country’s respective share of the EU total population and gross domestic product. The accession of new Members is factored into the capital key, slightly reducing the founding Members’ contribution keys. Nominal capital subscription and paid-in capital amounts remain unchanged.


Shares and capital per ESM Member

Show as table
ESM Members ESM key (%) Number of shares Subscribed capital (€ 000) Paid-in capital (€ 000) Sort descending
Ireland 1.5777 111,195 11,119,500 1,270,800
Finland 1.7811 125,531 12,553,100 1,434,640
Portugal 2.4863 175,236 17,523,600 2,002,700
Austria 2.7581 194,388 19,438,800 2,221,580
Greece 2.7910 196,710 19,671,000 2,248,110
Belgium 3.4454 242,832 24,283,200 2,775,220
Netherlands 5.6650 399,267 39,926,700 4,563,050
Spain 11.7953 831,332 83,133,200 9,500,940
Italy 17.7506 1,251,062 125,106,200 14,297,850
France 20.2003 1,423,716 142,371,600 16,271,040
Germany 26.8992 1,895,854 189,585,400 21,666,900
Malta 0.0898 6,327 632,700 72,310
Estonia 0.1847 13,020 1,302,000 148,800
Cyprus 0.1945 13,705 1,370,500 156,630
Luxemburg 0.2482 17,490 1,749,000 199,890
Latvia 0.2746 19,353 1,935,300 221,200
Lithuania 0.4063 28,634 2,863,400 327,200
Slovenia 0.4670 32,917 3,291,700 376,190
Slovakia 0.9849 69,418 6,941,800 793,350
Total 100 704,799 80,548

ESM Governance Structure

The ESM governing bodies are the Board of Governors and the Board of Directors. The Managing Director of the ESM is appointed by the Board of Governors for a renewable term of 5 years. The ESM Interim Managing Director is Christophe Frankel.

With assistance of the Management Board, he is responsible for conducting the current business of the ESM under the direction of the Board of Directors.

The graph below illustrates the ESM's current governance structure:

Board of Governors

The Board of Governors is the highest decision-making body of the ESM. It comprises government representatives of each of the 19 ESM shareholders with the responsibility for finance. Representatives of the European Commission and the ECB may participate in its meetings as observers. The Board of Governors is chaired by the President of the Eurogroup, Paschal Donohoe


Paschal Donohoe

Eurogroup President, Chairperson of the Board of Governors, Minister of Finance

Gintarė Skaistė

Minister of Finance

Annika Saarikko

Minister of Finance

Igor Matovič

Minister of Finance

Klemen Boštjančič

Minister of Finance

Fernando Medina

Minister of Finance

Magnus Brunner

Minister of Finance

Sigrid Kaag

Minister of Finance

Clyde Caruana

Minister of Finance and Employment

Yuriko Backes

Minister of Finance

Jānis Reirs

Minister of Finance

Constantinos Petrides

Minister of Finance

Giancarlo Giorgetti

Minister of Economy and Finance

Bruno Le Maire

Minister for the Economy and Finance

Nadia Calviño

Vice-President and Minister of Economic Affairs and Digital Transformation

Christos Staikouras

Minister of Finance

Annely Akkermann

Minister of Finance

Vincent Van Peteghem

Minister of Finance

Christian Lindner

Minister of Finance

The Board of Governors meets at least once a year and whenever the affairs of the ESM so require.

The Board of Governors documents its work in annotated meeting agendas, summaries of decisions, decisions and underlying documents. They are available for review and download in its meeting documents library

Board of Directors

The Board of Directors consists of representatives from each of the 19 ESM Members. Each Governor appoints one Director and one alternate Director. The European Commission and the ECB may participate in its meetings as observers.

The Board of Directors takes decisions as provided for in the ESM Treaty and By-Laws or as delegated by the Board of Governors. Decisions are taken by qualified majority, unless otherwise stated by the ESM Treaty. The Board of Directors' meetings are chaired by the ESM Managing Director.


Gary Tobin

Assistant Secretary General, Department of Finance

Mindaugas Liutvinskas

Vice-Minister of Finance

Leena Mörttinen

Permanent Under-Secretary at the Ministry of Finance

Peter Paluš

Head of Financial Unit at the Permanent Representation of Slovakia to the European Union

Katja Lautar

State Secretary at the Ministry of Finance

João Nuno Mendes

Secretary of State for Finance

Harald Waiglein

Director General for Economic and Finance, Chairperson of EFSF BoD

Christiaan Rebergen

Treasurer-General at the Ministry of Finance

Alfred Camilleri

Permanent Secretary, Ministry for Finance

Nima Ahmadzadeh

Director of Economic and Fiscal Affairs, Ministry of Finance

Līga Kļaviņa

Deputy State Secretary

George Panteli

Director of Economic Research and European Union Affairs Directorate

Alessandro Rivera

Director General of the Treasury

Emmanuel Moulin

Director General of the Treasury

Carlos Cuerpo

Secretary General of Spanish Treasury

Michael Arghyrou

Chairman of the Council of Economic Advisors

Märten Ross

Deputy Secretary General for Financial Policy and External Relations

Steven Costers

Counselor General, Ministry of Finance

Carsten Pillath

State Secretary at the Federal Ministry of Finance

The Board of Directors is supported by the Risk Committee and by the Budget Review and Compensation Committee.

The Board of Directors documents its work in annotated meeting agendas, summaries of decisions, decisions and underlying documents. They are available for review and download in its meeting documents library

Board of Auditors

The Board of Auditors is an independent oversight body of the ESM. The Board of Auditors inspects the ESM accounts and verifies that the operational accounts and the balance sheet are in order. Under its mandate as per the ESM Treaty and By-Laws, it audits the regularity, compliance, performance, and risk management of the ESM and monitors the ESM internal and external audit processes and their results.

The Board of Auditors prepares an annual report in respect of the ESM Financial Statements, which is contained in the ESM Annual Report in addition to the External Audit Opinion. Furthermore, the Board of Auditors draws up an Annual Report for the Board of Governors on its audit work, audit findings, conclusions, and recommendations. This report is made accessible to the national parliaments and the supreme audit institutions of the ESM Members, as well as to the European Court of Auditors and the European Parliament together with the ESM management comments issued in response to the report.