The EFSF is a joint stock company established by 16 countries sharing the euro in 2010. The main purpose of the EFSF is to provide financing to EU members through loans. The specific tools available to the EFSF concern the ability to lend to members and to finance through loans to government members. The EFSF issues bonds and other financial instruments in the capital market. First of all, the EFSF is temporary, but euro members are thinking of creating a permanent rescue mechanism for the EFSF, the European Stability Mechanism (ESM). The ESM treaty was signed in 2012 by all members, since 2012 the ESM has been a unique instrument for providing financing. The EFSF will continue to roll out outstanding EFSF bonds, issued to raise funds for Ireland, Portugal and Greece. This is necessary because the maturity of the loans provided to these countries is longer than the maturity period of the bonds issued by the EFSF. As of 2013, the EFSF no longer undertakes to finance new bonds or enter into new lending agreements. The ESM is the single and permanent mechanism for providing financial assistance to the euro