Cep-standpoint: Full speed ahead to the debt union

On 24 March 2011, the heads of states and governments of 17 euro-states agreed on the key elements of the European Stability Mechanism (ESM) and a “Euro Plus Pact”. The ESM is meant to provide credits to distressed states in future. The Euro Plus Pact is to remove real economy imbalances as a precautionary measure to prevent Member States from having to make use of ESM in future.