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I welcome the entry into force of the ESM Treaty following the deposit by Germany of its instrument of ratification earlier today. Estonia will ratify the Treaty in the very next days, closing the ratification process by the 17 euro area Member States.

The ESM is now the cornerstone of the European firewall and an integral part of our comprehensive strategy to ensure financial stability in the euro area. This is an historical achievement for European integration and a pledge of stability and sustainability for future generations.

The ESM will be globally the largest international financial institution with a strong capital base of €700 billion of which €80 billion will be paid-in by early 2014 including almost €33 billion in October. As agreed by the Eurogroup, the ESM will have a combined firepower with the EFSF of €700 billion.

I confirm my intention to convene the inaugural meeting of the ESM Board of Governors on 8 October in the margins of the Eurogroup meeting that will take place in Luxembourg.

I look forward to continue working with Klaus Regling who has successfully served as EFSF CEO and is now set to be appointed Managing Director by the ESM Board of Governors.


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