Europe Moving to Restore Growth and Sustainability

A new European Stabilization Mechanism, announced May 9, is helping underpin confidence in Europe after a period of financial market stress, triggered by concerns over government solvency in several countries.

The European Union and the European Central Bank (ECB) have adopted a comprehensive package of measures to stabilize financial markets and support the adjustment of European economies. The European Union has also committed to accelerating structural reforms, strengthen fiscal discipline, and establish a permanent crisis resolution framework.