The ESM will be an international financial institution, based in Luxembourg and founded by euro area Member States, with an initial maximum lending volume of €500 billon, to be achieved by €700 billion of subscribed capital (€80 billion in paid-in shares and €620 billion in callable shares).
As agreed in December by the leaders of the European Union, we will reassess the adequacy of resources under the European Financial Stability Facility and European Stability Mechanism on 1 March, 2012.
Press release
© European Council
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