11  The creation of the ESM has strengthened the economic governance of the monetary union and – all other things being equal – has reduced the risks of financial instability for each country and for the area as a whole.
It was part of a comprehensive reform whose salient points were already set out in the first report of the four Presidents released in June 2012.10 Made gradually less ambitious in successive official documents, today this original plan remains uncompleted. The proposal to reform the ESM marks a step in the right direction, especially because it introduces a backstop to the Single Resolution Fund.