Well-designed and robust firewalls should promote accountability, avoid moral hazard and be endowed with adequate financial means. The more robust and credible these firewalls are, the less likely will they need to be used. Euro area governments agreed to establish the first European temporary mechanisms for euro-area countries (the EFSF and EFSM) in May 2010.
The Treaty establishing a permanent stability mechanism in the euro area, the European Stability Mechanism (ESM) was signed on 2 February 2012 and the ESM is expected to be fully operational in July 2012.