Download PDF: ESM Annual Report 2012

The annual report contains a description of the ESM's policies, activities, financial statements and economic developments in 2012.  Additionally, it contains an external auditor's report and a report of the Board of Auditors.

Excerpt of the message from the Managing Director

"On 8 October 2012, the European Stability Mechanism (ESM) was officially inaugurated. It was the result of a decision by 17 euro area Member States to create a permanent crisis resolution fund to provide financial assistance under strict conditionality, appropriate to the financial assistance instrument chosen, to euro area countries in temporary need of assistance. In doing so, they filled an important institutional gap that would have left the euro area vulnerable, as evidenced in the beginning of the crisis". -Klaus Regling