Explanatory Memorandum to COM(2015)372 - Amendment of Council Regulation (EU) No 407/2010 establishing a European financial stabilisation mechanism

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dossier COM(2015)372 - Amendment of Council Regulation (EU) No 407/2010 establishing a European financial stabilisation mechanism.
source COM(2015)372 EN
date 22-07-2015


The high level of monetary and economic integration of euro area Member States and the existence of specific reinforced measures of economic coordination among them based on Article 136 of the Treaty warrant an ad hoc treatment when providing Union financial assistance.

While preserving fully the principle that all EU Member States should back the commitments of the EU budget, adequate arrangements should be put in place so as to guarantee that non euro area Member States are fully compensated in the event that there is a non-payment under the EFSM Facility which results in the use of resources within the EU Budget and/or the Commission making a demand for additional resources from the Non-Participating Member States.