The European Stability Mechanism (ESM): no democracy at the bailout fund
The ESM, the euro area’s permanent bailout fund set up in 2012, is an international organization that operates behind closed doors, far from public scrutiny. The institution at the heart of EU loans to debt-ridden member states is doing its best to stave off any national influence over the conditions attached to its loans. In addition it is working closely with private consultancies, which appear to have conflicts of interest. However, the ESM is immune to democracy; we have no right to know what it is up to.