Stabilisation Function (Communication)

cep complains that payments from the stabilisation function could delay necessary structural reforms in the affected states and considers it to be ill-conceived that countries in receipt of such funds do not have to implement any reforms. Since payments also include ESM loans, the stabilisation function undermines the basic principle of the ESM that loans are only granted in return for tough reforms. cep believes that no state will subject itself to an ESM reform programme if it can obtain such a loan without making reforms.