The financing of the programmes with the ESM’s resources is an incentive to strengthen the governance of the Union further. Monetary policy can guarantee stability only if the euro area’s economic fundamentals and institutional architecture are consistent with it. Confidence in the irreversibility of the euro is the key.
In the short term, the effective use of ESM resources will preserve the progress made and safeguard the rights and the efforts of  2  BIS central bankers’ speeches  those who have helped to develop the instruments of financial support.