Treaty of Paris (1815) notably Prussia, initially demanded that France cede significant territory in the East, rivalry among the powers and the general desire to secure the Bourbon restoration made the peace settlement less onerous than it might have been. The treaty was signed for Great Britain by Lord Castlereagh and the Duke of Wellington and by the duc de Richelieu for France; parallel treaties with France were signed by Austria, Russia, and Prussia, forming in effect the first confederation of Europe. The Quadruple Alliance was reinstated in a separate treaty also signed 20 November 1815, introducing a new concept in European diplomacy, the
Treaty Establishing the European Stability Mechanism Treaty Establishing the European Stability Mechanism The Treaty Establishing the European Stability Mechanism was signed by the member states of the eurozone to found the European Stability Mechanism (ESM), an international organisation located in Luxembourg, to act as a permanent source of financial assistance for member states in financial difficulty, with a maximum lending capacity of €500 billion. It replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). All new bailouts of eurozone member states will be covered by ESM, while the EFSF and EFSM will continue to handle