What we do

The ESM’s mission is to provide financial assistance to euro area countries experiencing or threatened by severe financing problems. This assistance is granted only if it is proven necessary to safeguard the financial stability of the euro area as a whole and of ESM Members.

For this, the ESM counts with several instruments. The ESM can grant a loan as part of a macroeconomic adjustment programme, which was already used by Cyprus and is currently ongoing in Greece. Portugal, Ireland, and Greece have used similar programmes delivered by the EFSF. The only other used instrument was an ESM loan to recapitalise banks which was provided to Spain. See below the full ESM toolkit.