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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

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ESM Members Sort ascending ESM key (%) Number of shares Subscribed capital (€ 000) Paid-in capital (€ 000)
Spain 11.7871 830,750 83,075,000 9,494,290
Slovenia 0.4667 32,894 3,289,400 375,930
Slovakia 0.9842 69,369 6,936,900 792,790
Portugal 2.4846 175,114 17,511,400 2,001,300
Netherlands 5.6610 398,988 39,898,800 4,559,860
Malta 0.0897 6,323 632,300 72,260
Luxembourg 0.2480 17,477 1,747,700 199,740
Lithuania 0.4063 28,634 2,863,400 327,200
Latvia 0.2746 19,353 1,935,300 221,200
Italy 17.7382 1,250,187 125,018,700 14,287,850
Ireland 1.5766 111,117 11,111,700 1,269,910
Greece 2.7891 196,573 19,657,300 2,246,550
Germany 26.8804 1,894,528 189,452,800 21,651,750
France 20.1862 1,422,720 142,272,000 16,259,660
Finland 1.7798 125,443 12,544,300 1,433,630
Estonia 0.2541 17,907 1,790,700 204,650
Cyprus 0.1943 13,696 1,369,600 156,530
Croatia 0.5215 36,950 3,695,000 422,290
Belgium 3.4430 242,662 24,266,200 2,773,280
Austria 2.7561 194,252 19,425,200 2,220,020
Total 100.522 7,084.937 708,493.700 80,970.690

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 Managing Director is Pierre Gramegna.

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. 

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Eurogroup President, Chairperson of the Board of Governors


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Nadia Calviño

First Vice-President of the Government, Minister of Economic Affairs and Digital Transformation
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Bruno Le Maire

Minister for the Economy, Finance and Industrial and Digital Sovereignty

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.

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Märten Ross

Deputy Secretary General for Financial Policy and External Relations
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Gary Tobin

Assistant Secretary General, Department of Finance

Carlos Cuerpo

Secretary General of Treasury and International Financing
Nicolas Jost

Nicolas Jost

Deputy Secretary General, Ministry of Finance

Paul Zahra

Permanent Secretary, Ministry for Finance and Employment
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Harald Waiglein

Director General for Economic and Finance, Chairperson of EFSF BoD
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Katja Lautar

Director General, Economic and Fiscal Policy Directorate
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Peter Paluš

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

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.