3  In addition, it has already been decided to make the EFSF a permanent institution and set up in mid-2013 the European Stability Mechanism (ESM) with the aim of facilitating a smooth restructuring of government debt issued by countries in financial difficulties. It has also been reported that discussions are underway to bring forward the starting date of the ESM by a year.
*  *  *  NB This BIS Review is available on the BIS World Wide Web site (http://www.bis.org). _____________________________  BIS Review 45/1998