Europejski Mechanizm Stabilności: podstawy prawne, konstrukcja, instrumentarium działania
Analysis of the European Stability Mechanism: legal aspects, construction and operational instruments

Summary/Abstract: The aim of this article is to make an analysis of the European Stability Mechanism (ESM or Mechanism), whose main task is to provide a financial support to the euro area countries in order to protect stability of Eurozone as a whole and of its Member States. Both legal status and capital construction of the ESM are more credible than in case of the European Financial Stability Facility (EFSF). Decision -making process in the Mechanism seems to be more ‘politicized’ and less technocratic in comparison to the International Monetary Fund. There are some doubts whether effective lending capacity of the ESM will be sufficient in the medium and long -term perspective. Therefore all options of maximizing capacity of the Mechanism should be carefully analyzed by the euro area policy makers and they finally should make concrete decision in this respect. Taking into account a broad range of tasks that the Mechanism needs to fulfill, a number of the ESM staff may prove to be too scarce. Adequate number of highly skilled employees is essential in order to ensure appropriate analytical capacity of this institution. As highlighted in the article, effective functioning of the Mechanism is not only in the interest of the Eurozone members but also non -euro area countries, including Poland.

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