The initial funding vehicle, the EFSF, has been succeeded by a permanent successor, the ESM, incorporating risk-sharing mechanisms based on mutual national guarantees proportional to the share of ECB capital. But that is just one dimension of the fiscal institutional reforms.
First and foremost, this  comes from a relentless and consistent focus on the core mandate of the central bank, namely, maintenance of price stability, thus contributing to broader macroeconomic stability for durable and sustainable growth; second, establishing structures that promote financial stability; and, third, adoption of a regulatory framework that balances prudential requirements with allowing sufficient scope for innovation.