The European Investment Bank, instead, which is inscribed in the EU Treaty enjoys preferred creditor status. Given that the new mechanism will be created as a result of a Treaty change, it can have a preferred status.
Third, the best way to avoid triggering speculative attacks against the member states is to link the financial support provided to countries to the latter’s ability to repay, in particular to debt sustainability. There should be no automatic mechanism linking financial support to debt restructuring, because it would attract speculative pressure and precipitate a crisis, even for countries that are solvent.