ESM AND EUROPEAN PARLIAMENT SIGN MEMORANDUM OF COOPERATION

 

ESM AND EUROPEAN PARLIAMENT SIGN MEMORANDUM OF COOPERATION 13 May 2024 ESM Press Release no. 6/2024 (Luxembourg/Brussels) — The European Stability Mechanism (ESM) and the European Parliament signed on 7 May a Memorandum of Cooperation (MoC) to establish a framework of cooperation between the two institutions. This MoC builds on a longstanding dialogue between the two institutions, including exchanges in the context of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) and of the Inter-institutional Conference on Stability, Economic Coordination and Governance of the European Union. The cooperation will be strengthened through exchanges of views during bilateral meetings. In particular, the ECON Committee will invite the ESM Managing Director to participate in exchanges of views with the Committee at least once a year. In turn, the ESM will invite a delegation of the ECON Committee on an annual basis. “This agreement reflects the ESM’s commitment to further enhancing transparency, accountability, and inter-institutional dialogue. The ESM has had an ongoing dialogue with the European Parliament since 2012. It has presented to the Parliament, on a voluntary basis, important developments concerning ESM activities and the euro area. This additional step will strengthen the engagement with the Parliament, ensuring a more robust framework for discussions,” said ESM Managing Director Pierre Gramegna. Roberta Metsola, President of the European Parliament Pierre Gramegna, ESM Managing Director Media Enquiries Cédric Crelo Head of Communications and Chief Spokesperson Phone: +352 260 962 205 c.crelo@esm.europa.eu Anabela Reis Deputy Head of Communications and Deputy Chief Spokesperson Phone: +352 260 962 551 a.reis@esm.europa.eu George Matlock Senior Financial Spokesperson Phone: +352 260 962 232 g.matlock@esm.europa.eu Juliana Dahl Principal Speechwriter and Principal Spokesperson Phone: +352 260 962 654 j.dahl@esm.europa.eu About the ESM <p>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. The shareholders of the ESM are the 20 euro area Member States. All financial assistance to Member States is linked to appropriate conditionality. The ESM finances its assistance by issuing bonds and other debt instruments. It has a total subscribed capital of approximately €700 billion, which comprises €80 billion in paid-in capital and €624 billion in committed callable capital. The ESM’s maximum lending capacity is €500 billion.</p>