European Council in Brussels, 16-17/12/2010

On 16-17/12/2010, European leaders gathered in Brussels for the year’s final European Council. The EU Heads of State and Government reached an agreement to establish a permanent mechanism to ensure the financial stability of the eurozone (European Stability Mechanism), which will come into effect from mid-2013. This mechanism will replace the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM), which will continue to be in force until June 2013. They also approved the limited amendment to the Lisbon Treaty required for the creation of such a mechanism.