34 There have been, however, other major improvements in the global financial safety net. In Europe, we now have a fully operational European Stability Mechanism to help countries in need. There is now also a Single Resolution Fund to support the resolution of banks that will be progressively fully financed by the banking industry.
These are important steps ahead and Europe is not alone in improving its safety net. The Chiang Mai Initiative Multilateralisation (CMIM) in East Asia has doubled in size to USD 240bn. And in July this year, the BRICs launched a Contingent Reserve Arrangement among themselves to the tune of USD 100bn.