– The reform proposal establishes the independence of the ESM’s Managing Director and staff (Article 7.4 and recital 16) and at the same time strengthens the provisions requiring the ESM’s activities to be compliant with European Union legislation; it also entrusts the European Commission with the related control tasks. Voting rights and procedures remain unchanged.
At the end of 2017, the European Commission had put forward a proposal to integrate the ESM into European Union legislation; a solution of this kind would greatly simplify the management of ESM activities and the coordination with the Commission.