https://www.esm.europa.eu/publications/2023-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance (ESG) best practices within its operations.This 2023 publication, which is our sixth annual carbon footprint report, is a testament to...

https://www.esm.europa.eu/publications/geoeconomic-fragmentation-implications-euro-area-and-asean3-regions Title: Geoeconomic fragmentation: Implications for the euro area and ASEAN+3 regions Authors: Gergely Hudecz, Alexandre Lauwers, Yasin Mimir, Graciela Schiliuk (ESM); Li Lian Ong, Hongyan Zhao, Diana del Rosario (AMRO) Abstract: Geoeconomic fragmentation is on the rise amidst heightened geopolitical...

https://www.esm.europa.eu/publications/investor-activity-efsfesm-secondary-bond-markets Title: Investor Activity in EFSF/ESM secondary bond markets Download PDF: Working Paper 62 This paper discusses investor and dealer behaviour in the secondary markets of EFSF and ESM bonds between 2014 and 2020. Authors: Martin Hillebrand (XU Exponential University of Applied Sciences), Marko...

https://www.esm.europa.eu/publications/esg-summary-report-2023 Message from the Managing Director It is with great pleasure that I introduce our second edition of the European Stability Mechanism (ESM) summary report on environmental, social, and governance (ESG) activities. Climate change has been ranked one of the top 10 key risks for the next two years by...

https://www.esm.europa.eu/publications/esm-staff-report-comprehensive-review-maximum-lending-volume-adequacy-authorised ESM staff has prepared the final report on the comprehensive review of the ESM’s lending volume, capital adequacy, and financial assistance instruments. It was presented to the ESM Board of Governors during its Annual Meeting on 20 June 2024. The objective of the report is to assess whether the ESM...

https://www.esm.europa.eu/publications/monetary-policy-firm-heterogeneity-and-distribution-investment-rates Title: Monetary policy, firm heterogeneity, and the distribution of investment rates Download PDF: Working Paper 61 This paper studies the role of lumpy investment for the transmission of monetary policy, its impact on aggregate investment, and the heterogeneous effects across young and old firms...

https://www.esm.europa.eu/publications/sovereign-defaults-home-and-abroad Title: Sovereign defaults at home and abroad Download PDF: Working Paper 60 This paper provides a systematic comparison of domestic and external sovereign defaults from 1980 to 2018, covering details of the default events, the different macro-financial, political and geo-economic environments in...

https://www.esm.europa.eu/publications/esg-summary-report-2022 Message from the Chief Financial Officer It is my pleasure to pen introductory remarks for this first edition of the European Stability Mechanism summary report on environmental, social, and governance (ESG) activities. Given the growing interest from investors, policy makers, and the general public...

https://www.esm.europa.eu/publications/2022-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance (ESG) best practices within its operations. In line with the ESM’s continued commitment to improving its ESG considerations, this 2023...

https://www.esm.europa.eu/publications/2018-carbon-footprint-report-0 As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance (ESG) best practices within its operations. This 2022 publication is the fourth in a continuing series. The report provides a...

https://www.esm.europa.eu/publications/pri-public-transparency-report-2023-esm PRI reporting is the largest global reporting project on responsible investment. It was developed with investors, for investors. PRI signatories are required to report publicly on their responsible investment activities each year. In turn, they receive a number of outputs, including a public and...

https://www.esm.europa.eu/publications/2020-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social and governance best practices within its operations. This 2021 publication is the third in a continuing series. The report provides a comprehensive...

https://www.esm.europa.eu/publications/2019-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social and governance best practices within its operations. The ESM published its first carbon footprint report in September 2019 covering the period from 1...

https://www.esm.europa.eu/publications/2018-carbon-footprint-report As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance best practices within its internal operations. This is the ESM’s first carbon footprint report. It provides a comprehensive account of...

https://www.esm.europa.eu/publications/housing-supply-channel-monetary-policy Title: The housing supply channel of monetary policy Download PDF: Working Paper 59 This paper studies the role of housing supply constraints in explaining regional differences in the transmission of monetary policy to housing markets, economic activity, and the financial sector. Authors: Bruno...

https://www.esm.europa.eu/publications/assessing-debt-sustainability-modelling-challenges-and-way-forward-30-november-2023 Assessing Debt Sustainability: modelling challenges and the way forward, 30 November 2023The ESM 2023 Debt Sustainability Seminar (DSA) seminar brought together debt sustainability experts from policy institutions and academia to explore how to combine behavioural and empirical models to assess debt...

https://www.esm.europa.eu/publications/collateral-pledgeability-and-asset-manager-portfolio-choices-during-redemption-waves Title: Collateral pledgeability and asset manager portfolio choices during redemption waves Download PDF: Working Paper 58 This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the “dash-for-cash” episode of 2020...

https://www.esm.europa.eu/publications/joint-conference-recent-developments-and-future-prospects-international-monetary Joint conference on “Recent Developments and Future Prospects of the International Monetary System” in Hong Kong on 24-25 August 2023. Co-organised by the Hong Kong Institute for Monetary and Financial Research; ASEAN+3 Macroeconomic Research Office (AMRO), the European Central Bank, the European...

https://www.esm.europa.eu/publications/evaluation-report-past-programmes The Evaluation Report evaluates the relevance, effectiveness, and efficiency of EFSF and ESM financial assistance in safeguarding the financial stability of the euro area and its members. It primarily focuses on aspects that were not covered in detail by other evaluations, such as financing and the...

https://www.esm.europa.eu/publications/fear-no-more-floating-asset-purchases-and-exchange-rate-dynamics Title: Fear (no more) of Floating: Asset Purchases and Exchange Rate Dynamics Download PDF: Working Paper 57 This paper studies the impact of local-currency asset purchases by emerging market economy central banks on financial conditions, capital flows and exchange rates, and the implications for...