/jʊərəˈpiːən stəˈbɪləti ˈmɛkəˌnɪzəm/ – Phrase
Definition: Cơ chế Ổn định Châu Âu
A more thorough explanation: a permanent intergovernmental institution that provides financial support to eurozone member states
Example: Full operation of the ESM still awaits the creation of an EU-wide banking supervisor.