L 82/6 Official Journal of the European Union 22.3.2013 DECISION No 259/2013/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 March 2013 amending Decision No 574/2007 [EC with a view to increasing the co-financing rate of the External Borders Fund for certain Member States experiencing or threatened with serious difficulties with respect to their financial stability THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 77(2) thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Acting in accordance with the ordinary legislative procedure (1), Whereas: (1) Decision No 574/2007EC of the European Parliament and of the Council (?) establishes the External Borders Fund for the period 2007 to 2013 as part of the General programme ‘Solidarity and Management of Migration Flows' and provides for different Union co- financing rates for actions supported by that Fund. (2)  The unprecedented global financial crisis and economic downturn have seriously damaged economic growth and financial stability, provoking a marked deterioration in financial, economic and social conditions in several Member States. Some Member States are experiencing serious difficulties or are threatened with such difficulties, particularly with respect to their financial and economic stability, which has led or may lead to deterioration in their deficit and debt positions and threaten economic growth, and are heightened by the international economic and financial environment. (3)  While important actions to counterbalance the negative effects of the crisis have already been taken, the impact of the financial crisis on the real economy, the labour market and society at large is being widely felt. Pressure on national financial resources is increasing and further steps should be taken rapidly to alleviate that pressure through the maximal and optimal use of Union funding. (4)  Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States’ balances of (1) Position of the European Parliament of 6 February 2013 (not yet published in the Official Journal) and decision of the Council of 25 February 2013. () OJ L 144, 6.6.2007, p. 22. payments (}) provides that the Council may grant medium-term financial assistance where a Member State which has not adopted the euro is in difficulties or is seriously threatened with difficulties as regards its balance of payments. (5) Romania was granted such financial assistance by Council Decision 2009/459/EC of 6 May 2009 providing Community medium-term financial assistance for Romania (¥). (6)  In accordance with the conclusions of the Ecofin Council of 9-10 May 2010, the Council adopted a comprehensive package of measures, including Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism (°), and, on 7 June 2010, a European Financial Stability Facility was estab- lished by the euro-area Member States, in order to provide financial support to euro-area Member States in difficulties caused by exceptional circumstances beyond their control, thereby safeguarding the financial stability of the euro area as a whole as well as of its Member States. (7)  Ireland and Portugal were granted financial assistance by the European financial stabilisation mechanism under Council Implementing Decisions 2011/77[EU (¢) and 2011/344[EU (') respectively. They have also received funds from the European Financial Stability Facility. (8)  On 8 May 2010, an Intercreditor Agreement and a Loan Facility Agreement for Greece were concluded and entered into force on 11 May 2010 as a first programme of financial assistance for Greece. On 12 March 2012, the finance ministers of the euro-area Member States interrupted that first programme and approved a second programme of financial assistance for Greece. It was decided that the financial vehicle for that second programme would be the European Financial Stability Facility, which would also disburse the remaining amount to be contributed by the euro area under the first programme. (9)  On 2 February 2012, the finance ministers of the euro- area Member States signed the Treaty establishing the European Stability Mechanism. That Treaty follows European Council Decision 2011/199/EU of 25 March 2011 amending Article 136 of the Treaty on the Func- tioning of the European Union with regard to a stability mechanism for Member States whose currency is the ) OJ L 53, 23.2.2002, p. 1. ) OJ L 150, 13.6.2009, p. 8. ) OJ L 118, 12.5.2010, p. 1. ) OJ L 30, 4.2.2011, p. 34. ) OJ L 159, 17.6.2011, p. 88.