Europe
Euro rescue fund
Europe's €500 billion crisis fund, seated in Luxembourg, searches for a new mission
The European Stability Mechanism, the eurozone's €500 billion crisis backstop based in Luxembourg, has not lent to a country since Greece in 2018. Its managing director, Pierre Gramegna, is now floating new missions — including defence credit lines — even as a treaty reform to give the fund a banking-union role remains blocked by Italy.