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European trade in goods heavily relies on shipping, making up over 70% of both imports and exports in 2023 (see Figure 1). Key maritime routes have become vulnerable to geopolitical conflicts. For example, recent attacks on vessels transiting the Red Sea have reignited risks of supply-chain disruptions and sprouted a significant fear: how would this affect Europe if these disruptions last longer or involve other regions?

RTL TV: From the studio, I now greet the Managing Director of the ESM, Mr Gramegna. Good evening. 

Pierre Gramegna: Good evening. 

You once said: if the ESM didn't exist, we would have to invent it quickly. If the ESM hadn't existed during the financial crisis, what would have happened? 

It is with great pleasure that I introduce our second edition of the European Stability Mechanism (ESM) summary report on environmental, social, and governance (ESG) activities.