European Commission and European Stability Mechanism lay down principles of cooperation
The European Commission and the European Stability Mechanism (ESM) will today sign a Memorandum of Understanding on the working relationship between the two institutions.
The two institutions share the common objectives of safeguarding the stability of the euro area and ensuring the efficient governance of financial assistance programmes in Member States. The document – which will be officially signed by Vice-President Valdis Dombrovskis and Commissioner Pierre Moscovici on behalf of the Commission and ESM Managing Director Klaus Regling this afternoon – reflects the close cooperation of the two institutions and the important role that the ESM has played over the years in providing financial assistance to Member States to overcome acute crises and regain financial stability. The Memorandum spells out the working methods between the Commission and the European Stability Mechanism in the light of experience and in line with their respective roles and mandates. It does not change the rules and the legal framework under which they operate. The existing competences and responsibilities of both institutions, as enshrined in the European Union law and the ESM Treaty, remain intact. The Memorandum is also without prejudice to any further reform of the ESM that may be agreed. A full press release is available here.