An EU institution providing financial assistance to the euro area member states experiencing or anticipating financial difficulties. The ESM was set up in 2012 as a permanent mechanism to replace the temporary European Financial Stability Facility, which had been operating since 2010. The ESM works in close cooperation with the International Monetary Fund, and requires any country requesting financial assistance from ESM funds to put a similar request to the IMF.

http://www.esm.europa.eu/ The official web page of the ESM.