In addition to the roadmap, the package contains a number of initiatives. These include a proposal to transform the European Stability Mechanism (ESM) into a European Monetary Fund (EMF). The EMF would, among other things, provide the common backstop to the Single Resolution Fund and act as a last resort lender in order to facilitate the orderly resolution of distressed banks. The backstop will be part of the new budgetary instrument for the euro area, which is also one of the initiatives put forward by the Commission today.

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