This article seeks to explain the main aspects of the reform of the European Stability Mechanism, as agreed in principle by the leaders of the euro area member states. The article focuses particularly on the ESM’s new mandate to act as the common backstop to the Single Resolution Fund, the reform of its precautionary lending instrument, the expansion of its role in country monitoring both in and outside of programmes, and the future treatment of debt sustainability issues, including the adoption of a revised euro area model collective action clause. By shedding light on the nature and context of these developments, the authors hope to dispel some misunderstandings about the content of this reform and contribute to a clearer understanding of what is at stake.

中文翻译：

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欧洲稳定机制改革

本文旨在解释欧元区成员国领导人原则上同意的欧洲稳定机制改革的主要方面。本文特别关注 ESM 作为单一决议基金的共同支持的新任务、其预防性贷款工具的改革、其在计划内外的国家监测中作用的扩大，以及未来的债务处理可持续性问题，包括采用经修订的欧元区示范集体行动条款。通过阐明这些发展的性质和背景，作者希望消除对这项改革内容的一些误解，并有助于更清楚地了解利害关系。