FXstreet.com (Barcelona) - At a press conference following the official launching of the European Stability Mechanism (EU's permanent bailout fund replacing the temporary EFSF) during the Eurogroup summit, the head of the lending institution Klaus Regling affirmed that it had become fully operational, starting today.

Regling also said that ESM's instruments were the same as those of the EFSF and assured that the matter of the direct recapitalization of distressed EU banks would be reassessed as soon as a single Eurozone banking supervisor was established.

Meanwhile, Fitch ratings agency announced on Monday that ESM's bonds had been granted the top AAA rating, with a stable outlook. Possible downgrades of AAA-rated Eurozone countries should not affect the funds' rating, although “in the event that Greece were to exit from the eurozone, the ratings of all sovereign and sovereign-rated entities in the eurozone, including the ESM, would be placed on Rating Watch Negative.”