Eurogroup members, meeting in Brussels prior to the celebration of the Council of Economic and Financial Affairs (Ecofin), decided on 14 February to increase the amount of the bailout fund that will integrate the permanent financial stability mechanism for the euro area. Under this decision, the mechanism which will come into force in 2013 will be supported by 500 billion euros.

The Eurogroup, which is integrated by EU Member States whose currency is the Euro, generally meets the day before the celebration of the European Council of Economic and Financial Affairs (Ecofin) in order to address those matters that refer directly to Economic and Monetary Union EMU). In this occasion, at the meeting held in Brussels on 14 February 2011, ministers had in their agendas the decision about the increase of the bailout fund for Eurogroup members experiencing financial difficulties.

At the end of the meeting of Eurogroup ministers, its President, Luxembourg Prime Minister Jean-Claude Junker, confirmed the decision of the members of the Eurogroup to double the amount of the bailout fund to 500 billion euro. This decision to increase the funds available under the financial stability mechanism follows the the debate about this same issue after ministers failed to reach agreement in the Eurogroup meeting in January 2010. With this decision, Eurogroup members aim to provide more stability to the euro area, ensuring the soundness of the system.

In addition to the 500 billion available under the agreed rescue mechanism, the bailout fund will also count with the International Monetary Fund contribution as well as any voluntary contribution made by States which are not part of the euro zone, as it was the case for the United Kingdom, Denmark and Sweden for Ireland's rescue plan agreed in November 2010.

It still remains to be defined, however, the actual operating capacity of the fund, as well as the issue of the partial reform of the Lisbon Treaty necessary to provide a permanent status to the financial stability mechanism which was agreed within the Council at its meeting in December 2010.