| Author (Corporate) | European Information Hub (Compiler) |
|---|---|
| Publication Date | 2023 |
| Content Type | Key Source, Overview |
Summary:Information Guide focusing on sources covering the European Union's (EU) European Financial Stability Facility (EFSF). Further information:The European Financial Stability Facility (EFSF) was established through Decisions adopted by the Council of the European Union in May 2010. It was established in June 2010 as a temporary crisis resolution mechanism by sixteen countries whose currency was the Euro to provide a funding backstop should a Eurozone Member State find itself in financial difficulties. The assistance was financed by the EFSF through the issuance of EFSF bonds and other debt instruments on capital markets. The on-lending to countries in difficulties was subject to conditions negotiated with the European Commission, in liaison with the European Central Bank (ECB) and the International Monetary Fund (IMF), and later approved by the Eurogroup. It was used to provide financial assistance to Greece, Ireland and Portugal. EFSF SA is a Luxembourg-registered company owned by euro area Member States. While it still exists as a legal entity, the EFSF no longer provides any further financial assistance, as this task was transferred solely by the European Stability Mechanism (ESM). |
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| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Economic Governance | Situation |
| Keywords | European Financial Stability Facility (EFSF), Eurozone Debt Crisis |
| International Organisations | European Union [EU] |
