Conclusions of the Extraordinary Economic and Financial Affairs Council (9 and 10 May 2010)

When Greece lost access to the financial markets in early spring 2010, there was a risk of contagion to other fragile economies. In the light of this possibility, the Council and the Member States agreed on a series of measures to preserve financial stability in Europe, including a European Financial Stabilisation Mechanism with a total volume of up to EUR 500 billion. This mechanism provided for the establishment of an ad hoc entity (the European Financial Stability Facility) to raise capital on the markets, with a lending capacity of up to EUR 440 billion. The additional EUR 60 billion is covered by the EU budget for the years 2011 to 2013.

Source and copyright

Source: European Union Council. Press release – Extraordinary Council meeting – Economic and Financial Affairs, 9596/10 (Presse 108). Brussels: 9/10 May 2010. 8 p.

Copyright: (c) European Union, 1995-2013

This document is also available in…

The PDF content cannot be displayed in the browser. To view the content, please install
Download Content