European Stability Mechanism
The European Stability Mechanism (ESM) has the mandate to preserve financial stability in the euro area by providing financial assistance to Member States with severe financing problems. It is a permanent inter-governmental institution, operating since October 2012. In a decade, the ESM and its predecessor – the European Financial Stability Facility – have helped five euro area countries overcome crisis, mobilising nearly €300 billion in loans. With the revision of the its Treaty, which is currently under ratification by the 19 members, the ESM will strengthen the financial safety net for banking union members, by doubling the resources available to resolve troubled banks, as well as the institution’s crisis prevention and resolution role, in collaboration with the European Commission.
Evaluation function
The ESM’s evaluations focus on supporting the institution in addressing future crises. The ESM continually strives to enhance its evaluation capacity to foster institutional learning from its activities, support informed decision-making and enhance transparency as a basis for accountability. As the ESM’s financial assistance is provided in partnership with other institutions and beneficiary member states, the evaluations take a consultative approach. The ESM also makes every effort to use the findings of other relevant evaluations in its own exercises.
The ESM’s strategic evaluation reports, including extensive background material on the stability support provided during the euro sovereign debt crisis, are available on the ESM’s website.
- Lessons from financial assistance to Greece, independent evaluation report led by Joaquín Almunia, June 2020;
- EFSF/ESM financial assistance, independent evaluation report led by Gertrude Tumpel-Gugerell, June 2017;
In conducting its evaluations, the ESM follows best practice standards of other international financial institutions and other international organisations.
Contact details
European Stability Mechanism
6 a Circuit de la Foire Internationale
L-1347 Luxembourg
Email: esmevaluation@esm.europa.eu
Website: https://www.esm.europa.eu/financial-assistance/evaluation-efsfesm-programmes
