The EFSF and ESM This review of the main institutional, supervisory and regulatory initiatives that have been undertaken in response to the crisis would not be complete without also mentioning the creation of the permanent euro area crisis resolution mechanism.
As you know, on July 2013 the European Stability Mechanism (ESM) will take over the functions that are currently performed by the European Financial Stability Facility (EFSF) and  8  BIS central bankers’ speeches  the European Financial Stabilisation Mechanism (EFSM).