The ESM is a permanent institution that can raise up to 500 billion euros in financial markets – actually, one of the world’s largest and most flexible international financial institutions. b.
Systemic challenges  As regards the systemic aspects of the crisis – the underlying economic and institutional challenges that lie at the heart of Europe’s current difficulties – reforms have taken place on two main levels. First, Member States have undertaken major internal and external adjustments to reduce fiscal and macroeconomic imbalances.