2022 ESM Annual Report

“Over 10 years and with more than €400 billion in firepower still on hand, the ESM has made a vital contribution to steering Europe’s monetary union through the troubles of the past and stands ready to avert and absorb new shocks. Building upon the ESM’s past experiences and aware of the challenges ahead, I am eager to work with our 20 member countries to shape the ESM around the euro area’s evolving needs”

“Numbering just 10 people when I started, we built a safety boat in the midst of a storm, saving countries and learning along the way. Today, our weather-tested rescue ship is trusted by international markets and European nations to ensure financial stability for 350 million euro area citizens.”

“Our diverse and committed staff, who have come together for a shared purpose, are key to our success in supporting the euro area yesterday, today, and tomorrow. Synchronising the relationship between these talented individuals, lean processes, and innovative systems ensures our organisational readiness to respond quickly and appropriately whenever needed.”

“The ESM has proven itself the embodiment of solidarity within the euro area and an example of what can be achieved within the existing legal framework. I am confident we will see the continuance of that vision, with the ESM legal team as guide and pathfinder.”

“The daunting challenge of building a modern international financial institution from scratch while successfully tackling a severe crisis affecting millions of citizens was made possible through the motivation, dedication, and perseverance of exceptional colleagues, who have contributed to this endeavour over the last decade.”

“Rapidly establishing the ESM’s high standing among international investors has been a unique and exciting experience and an opportunity to lead highly-skilled teams through deep crises and volatile markets. I am proud to see the ESM’s strength and how ready it stands to face future challenges.”

“The ESM has safeguarded the integrity of the euro area, proven itself a success, and earned trust with the help of its tremendously dedicated team and skilled leadership. The new ESM Treaty will strengthen the institution and allow it to continue to fulfil its role as a crisis resolution mechanism.”