Finance ministers' joint statement:
Stronger crisis-management role for European Stability Mechanism
Strengthening the European Stability Mechanism (ESM) will make the EU’s crisis management framework more credible and effective, say the finance ministers of ten EU Member States in their joint statement.
The joint statement was made by the finance ministers of Finland, Sweden, Denmark, Estonia, Latvia, Lithuania, the Netherlands, Ireland, the Czech Republic and Slovakia. The statement was made in regard to development of the EU’s Economic and Monetary Union, and it is in this connection that reform of the ESM is being considered.
Established in 2012 by the euro area countries under an intergovernmental treaty, the ESM may grant financial assistance to euro area countries in the form of loans if the country is experiencing or threatened by severe financing problems. The ESM obtains finance from the markets and then lends funds to programme countries.
Minister Orpo's Column (in Finnish)
Finance ministers publish joint statement for developing capital markets (press release 18 July)
Tuomas Saarenheimo, Permanent Under-Secretary, tel. +358 2955 30350, tuomas.saarenheimo(at)vm.fi
Elisa Tarkiainen, Special Adviser to the Minister of Finance, tel. +358 400 774 789, elisa.tarkiainen(at)vm.fi