3  In addition, it has already been decided to make the EFSF a permanent institution and set up in mid-2013 the European Stability Mechanism (ESM) with the aim of facilitating a smooth restructuring of government debt issued by countries in financial difficulties. It has also been reported that discussions are underway to bring forward the starting date of the ESM by a year.
BIS central bankers’ speeches  5  have been to increase government revenue and reduce expenditure in the short term, while pushing through a wide range of economic reforms in the medium to long term aiming to achieve sustainable growth.