Last time Europe invoked ‘stability’ in one of its summit decisions was when it created the European Stability Mechanism (ESM). It proved anything but stabilising (as without Mr Draghi’s ECB and its LTRO-OMT interventions, there would be no Eurozone today). Now we have a ‘stability’ levy in Cyprus. Its effect will prove equally destabilising in the medium term. It is high time we take another look at stability in the Eurozone and to do so in terms of a closer look at the ESM and how it should be reconfigured.