MES: dalla proposta di riforma alla nuova linea di credito per spese sanitarie

The paper is a survey of the recent debate over the reform of the European Stability Mechanism. Three main issues are taken into consideration: the introduction of a Common Backstop supporting the Single Resolution Fund; the re-definition of financial assistance extended to countries facing a sovereign default: the introduction of Collective Action Clauses (CACs) based on the single-limb principle. Moreover, the costs and benefits of the Pandemic Crisis Support Credi Line (PCSCL) - introduced after the outbreak of the pandemic COVID-19 - are assessed.