The Fund, known as the European Stability Mechanism (ESM), has the advantages of being available now when necessary to respond to the COVID 19 pandemic. Other instruments, such as Eurobonds or an EU stimulus fund, will not be available for some time, regardless of the agreement reached between the major European countries. The contract provided for the creation of the organisation if the Member States, which represented 90% of their initial capital requirements, ratify the founding treaty.  This threshold was exceeded with the ratification of Germany on 27 September 2012, when the treaty came into force for the sixteen states that ratified the agreement. The ESM took office at a meeting on 8 October 2012.  A separate treaty amending Article 136 of the Treaty on the Functioning of the European Union (TFUE) to authorise the creation of the ESM in accordance with EU law is due to come into force on 1 January 2013. However, the last of the 27 Member States of the European Union to ratify the amendment, the Czech Republic, did so only on 23 April 2013, which led to its entry into force on 1 May 2013.  An updated EMU reform plan was published in June 2015, which stipulates that the ESM should be implemented in the medium term (between July 2017 and 2025) by an intergovernmental agreement fully integrated into the EU regulatory framework applicable to all euro area Member States, so that the ESM can be more smoothly resolved by EU institutions , under the amended jurisdiction of Article 136 of the Treaty on the Functioning of the European Union.  If this proposal were to be adopted in the Council of Europe from 17 to 18 July, it would mean that Italy and Spain would have to finance very abundantly the recovery fund from which they would benefit, since they are, together with Greece, the main producers of single-use plastic. And to offend the violation, the countries of the North would instead benefit from some discounts on their contribution to the European budget, in recognition of the opening of the way to the agreement. In June 2015, an updated EMU reform plan was published, which stipulates that the ESM should be implemented in the medium term (between July 2017 and 2025) by an intergovernmental agreement fully integrated into the EU legal framework applicable to all euro area Member States under the jurisdiction of Article 136 of the Treaty on the Functioning of the European Union.
 His initials in Italian, `Mes`, are a regular press bogeyman. Even the news that “an agreement has been reached on the same” has provoked profoundly negative reactions in Italy, where many have misunderstood that the country is already forced to impose austerity measures again. Conte went on to say that he considered the agreement reached within the Eurogroup on instruments to deal with the crisis caused by the epidemic “insufficient”. His government, says the Prime Minister, believes that Eurobonds are the most appropriate instrument and that it is ready to fight for them. “Italy believes that the ESM is not enough to make this emergency,” Conte said. “Our main fight is that of a fund financed by Eurobonds,” he said, because “there must be adequate firepower” to meet the challenge, which has unprecedented room for manoeuvre for the EU.