27/01/2021 (Agence Europe) – On Wednesday 27 January, the euro area countries signed the revised treaty of the European Stability Mechanism (ESM), which will notably allow the permanent rescue fund for the euro area to play - up to a maximum of €68 billion - the role of a safety net (‘backstop’) for the Single Resolution Fund (SRF) in the event of the failure of a major bank within the banking union (see EUROPE 12643/22). Estonia, where a new government led by the liberal Kaja Kallas is being set up, has promised to sign the two treaties as soon as possible. If the Nineteen ratify the amended treaty in 2021, the implementation of the ESM as a safety net for the SRF will be brought forward to January 2022. See the revised treaties for the ESM: https://bit.ly/36a0gp7 and the SRF: https://bit.ly/2Y9geeO (MB)