In the Euro zone the regional support fund will be established. The agreement was concluded by Finance Ministers of EU countries. The European Stability Mechanism (ESM) will replace the European Finance Stability Fund (EFSF). It was created in 2010 for the purpose of support for EU countries. The new mechanism will became a part of "composite measures package" which will be agreed by leaders at the end of March. The fund will decide the question of debts in Euro zone. The volume of ESM will be constantly revised, Jan Pole Yunker, EU Group President said. "I would like to stress that EFSF and ESM are not the thing of the mutual agreement till we will not agree on other questions.
For information, the EFSF was supposed to cease functioning in 2013. The fund has 440 milliard EUR. In fact from this fund only 250 milliard EUR can be spend for loans to not to increase credits.