Download PDF: ESM Annual Report 2015

The annual report contains a description of the ESM's policies, activities, financial statements and economic developments in 2015.  Additionally, it contains an external auditor's report and a report of the Board of Auditors.

Excerpt of the Message from the Managing Director

"The year 2015 was a difficult but also successful one for the European Stability Mechanism (ESM). Greece was the chief challenge. While Cyprus emerged strengthened from its ESM loan programme in March 2016, and the other former ESM or European Financial Stability Facility (EFSF) programme countries shone as economic bright spots, Greece remained an exception". -Klaus Regling