European balance of power Austria which continued to rule as Holy Roman Emperor. Hapsburg Austria did directly control some states outside of the Holy Roman Empire. It was France who took the status of dominant continental power from the Habsburgs thanks to the Treaty of Westphalia and the Treaty of the Pyrenees. In the 16th and 17th centuries, English foreign policy strove to prevent a creation of a single universal monarchy in Europe, which many believed France or Spain might attempt to create. To maintain the balance of power, the English made alliances with other states—including Portugal, the Ottoman Empire, and the Netherlands—to counter
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