ESM reform and treaty change
![ESM reform and treaty change](/system/files/styles/annual_report_full_width_image/private/image/2020-12/ar-2019-flag.jpg?itok=V6MA5kH_)
The ESM reform is composed of complementary and mutually reinforcing building blocks. Taken together, they will contribute to further strengthening the resilience and crisis resolution capabilities of the euro area.
The ESM reform is composed of complementary and mutually reinforcing building blocks. Taken together, they will contribute to further strengthening the resilience and crisis resolution capabilities of the euro area.