Grund, Sebastian; Waibel, Michael - 2021
’s two borrowing mechanism via separate supranational issuer: the European Financial Stability Facility (EFSF) and the … European Stability Mechanism (ESM), a lender-of-last resort to members of the currency union, a mechanism for (substantial … European Stability Mechanism (ESM). Section 3 zooms in on the legal aspects of EU safe assets, highlighting both commonalities …