This is a new role for the ESM and means that it will flank the European Commission. How the two institutions cooperate will be set out in an agreement to be signed when the amendments to the Treaty come into force (Article 13.8).
The terms of the provisional agreement reached between the two institutions in 2018 are echoed in the text of the reform proposals,3 which contains safeguards designed to avoid any duplication of tasks between the ESM and the European Commission.