Initially, crisis-related measures by the Member States and the International Monetary Fund (IMF) had had to be arranged ad hoc. Since October last year, the European Stability Mechanism (ESM) has replaced the European Financial Stability Facility (EFSF) that had been designed as a temporary measure. The ESM has the organisation structure of an intergovernmental body.
With a view to the progressive deepening of European integration, its further development into a truly  2  BIS central bankers’ speeches  federal institution would certainly be more appropriate that any questioning of the ECB’s mandate.