ABSTRACT
In order to address crises, the European Union (EU) has developed interstitial organisations – bodies in support of EU governance which emerge between established institutional frameworks of EU institutions, EU agencies and Member State governments. Agencies constitute building blocks which connect the EU-level administration with national governmental administrations in what Jarle. Trondal and Michael. Bauer term the European multi-level administrative order. The context for the establishment of the European Stability Mechanism (ESM) was an unprecedented financial crisis spilling over to the crisis of the very foundations of the Eurozone and the Euro as a currency unfolding in the years 2009–2012. The ESM has its own capital reserves of €80 billion paid in by the currently 19 Eurozone Member States. This sum is used as a guarantee to issue bonds on behalf of the Eurozone as a whole and thereby raise money on the international financial markets.
