Message from the Managing Director
"After a successful first 10 years, the rescue fund is adapting its lending tools to respond effectively to the corona pandemic."
KLAUS REGLING
Managing Director
Ten years ago, the ESM rescue fund was created to address a crisis where the survival of the currency union was at stake, resulting in six assistance programmes in five countries. Today, the ESM and its partners look upon the five programme countries as five success stories.
Our mandate of "safeguarding financial stability" does not mention programme countries' social welfare, but by granting loans to troubled countries when no one else will the ESM allows a country to spread the adjustment burden over several years, thereby easing the pain for citizens.
After a successful first 10 years, we now turn to the future. The ESM is part of the €540 billion European Covid-19 crisis response. Our Pandemic Crisis Support credit line demonstrates yet again our commitment to this mandate.