| 单词 | European Stability Mechanism |
| 释义 | European Stability Mechanism European Stability Mechanism(ESM) An intergovernmental body established in September 2012 to provide permanent financial stability for the eurozone; as such it replaced both the European Financial Stability Facility and the European Financial Stabilization Mechanism, which were introduced as emergency measures in 2010. Unlike these bodies, the ESM was given a formal basis in EU treaty law. It is empowered to provide financial assistance to any member of the eurozone facing unusual economic difficulties, provided that recipients accept such measures of reform as are imposed by the ESM, the European Central Bank, and the International Monetary Fund. Assistance may take the form of stability support loans, a bank recapitalization programme, precautionary credit lines, or intervention in the primary or secondary markets for government debt. The ESM is based in Luxembourg. |
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