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European Financial Stability Facility

Published on October 17, 2011
Communiqué issued by the Ministry for the Economy, Finance and Industry

Paris, October 13, 2011

On Thursday, 13 October the Slovak parliament voted to strengthen the powers of the European Financial Stability Facility (EFSF).
On 21 July the Euro Area heads of state and government had decided, among other things, to extend the EFSF’s powers to provide a comprehensive response to the crisis. In particular, the EFSF will be able:

- to intervene preventively to provide a state with help in the event of temporary difficulty;

- to help a state recapitalize its banking sector if necessary;
- finally, and very importantly, to intervene on the secondary sovereign debt market.

The Euro Area member states have made a wholehearted commitment to the financial stability of the Euro Area: 17 democracies have approved an extension of the EFSF’s prerogatives in less than three months.

France is determined to move forward on developing tools enabling us to combat the Euro Area crisis effectively./.

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