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15. Towards the ESM: ‘a solid legal foundation’

https://www.esm.europa.eu/publications/safeguarding-euro/towards-esm-solid-legal-foundation As the EFSF began operations and financial markets continued to test the euro area, there was a growing awareness that a temporary rescue vehicle would not be enough. The mantra that ‘a crisis is a terrible thing to waste’ became a common refrain, voiced by politicians and commentators alike. Few...

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2. Lurching towards crisis: a ‘very fragile’ world

https://www.esm.europa.eu/publications/safeguarding-euro/lurching-towards-crisis-very-fragile-world When the euro area made its historic decision to create a common firewall, it had been buffeted by two major crises, each of which had been building for years. First, Europe was sent reeling by the US subprime mortgage debacle and the shockwaves caused by the collapse of the investment bank Lehman...

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Explainer on the final disbursement of ESM financial assistance to Greece and medium-term debt relief measures

https://www.esm.europa.eu/content/explainer-final-disbursement-esm-financial-assistance-greece-and-medium-term-debt-relief What was the amount of the ESM’s final disbursement to Greece? The ESM Board of Directors endorsed in principle on 13 July 2018 the disbursement of the fifth and final loan tranche of the ESM programme, amounting to €15 billion, and concluded their approval of the tranche on 1 August. Out of this...

Authors:k.siskind

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1. Defending a symbol - Euro is here to stay

https://www.esm.europa.eu/publications/safeguarding-euro/defending-symbol-euro-here-stay In the first few years after its 1999 debut, the euro symbolised what the euro area member states had achieved together. Citizens could work, shop, and save across borders without having to convert their money into francs and marks. Enterprises could do business across all countries that used the...

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35. Safeguarding the capital: building a modern, strategic investment architecture

https://www.esm.europa.eu/publications/safeguarding-euro/safeguarding-capital-building-modern-strategic-investment-architecture The ESM’s ability to safeguard financial stability is anchored by the paid-in capital provided by its Members. Preserving this capital is therefore essential to fulfilment of the ESM’s mission. Initially the firewall was due to receive its capital gradually over five years. However, to show their...

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22. A ‘big mistake’: Greece’s second rescue stumbles

https://www.esm.europa.eu/publications/safeguarding-euro/big-mistake-greece%E2%80%99s-second-rescue-stumbles With former ECB Vice President Papademos installed as interim prime minister in November 2011, Greece quickly began readying itself for a second rescue programme. First on the agenda was the proposed private sector debt exchange. An effort to put a deal together in late 2011 had collapsed, so...

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23. Debt sustainability: revising the metrics

https://www.esm.europa.eu/publications/safeguarding-euro/debt-sustainability-revising-metrics Europe’s first rescue programmes, from the bilateral loans for Greece to the EFSF-led packages for Ireland and Portugal, were designed to operate in part on the principle of dissuasion, as well as to encourage a smooth programme exit. Short-term lending at elevated rates was intended to spur aid...

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Governance and Policies for Prosperity in Europe

https://www.esm.europa.eu/speeches-and-presentations/governance-and-policies-prosperity-europe Klaus Regling Managing Director of the ESM Speech at the Seminar in Lisbon on “Governance and Policies for Prosperity in Europe” Panel II: Which institutions are needed? (Please check against delivery) It is a real pleasure for me to be in Lisbon again. I would like to thank Finance Minister Maria...

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Nicola Giammarioli's speech at the Economist Frankfurt Summit

https://www.esm.europa.eu/speeches-and-presentations/nicola-giammariolis-speech-economist-frankfurt-summit “Greece’s Return to Financial Markets – The Viewpoint from the Institutions” Nicola Giammarioli, ESM Mission Chief to Greece Frankfurt, 31 May 2017 (Please check against delivery) First of all let me thank the organisers for their kind invitation to contribute to this panel. The current debate about...

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Rolf Strauch in interview with Naftemporiki (Greece)

https://www.esm.europa.eu/interviews/rolf-strauch-interview-naftemporiki-greece Interview with Rolf Strauch, Member of ESM Management Board Published in Naftemporiki (Greece) on 6 March 2017 Interviewer: Vassilis Kostoulas Naftemporiki: When will Greece need money again from the ESM pursuant to the country’s financing needs? Practically, does the payment to the ECB in July have...

Authors:k.siskind

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Transcript of interview, Bloomberg Markets Asia, Hong Kong

https://www.esm.europa.eu/interviews/transcript-interview-bloomberg-markets-asia-hong-kong Transcript of interview with Klaus Regling, ESM Managing Director Bloomberg TV (Bloomberg Markets Asia in Hong Kong), 16 January 2017 Interviewer: Steve Engle Bloomberg: There is a lot of headline noise about what is happening in Europe. Euroscepticism is what they’ve been calling it. Do you share...

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Interview with the Yomiuri Shimbun

https://www.esm.europa.eu/interviews/interview-yomiuri-shimbun Transcript of interview with ESM Managing Director Klaus Regling Published in Yomiuri Shimbun (Japan) on 1 February 2016 The interview was conducted by Tomoko Hatakeyama in Tokyo on 26 January 2016 Yomiuri Shimbun: Since the beginning of this year, the stock markets all over the world began to dive...

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Interview with Market News International (MNI)

https://www.esm.europa.eu/interviews/interview-market-news-international-mni-0 Market News International Interview Q&A with Euro Zone Bailout Fund Chief Klaus Regling 03 September 2013 By David Thomas Part 1: BRUSSELS(MNI) - Klaus Regling, chief of the Eurozone's bailout fund, explains key differences between European Stability Mechanism (ESM) and European Financial Stability...

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Interview with the Wall Street Journal

https://www.esm.europa.eu/interviews/interview-wall-street-journal Transcript of interview with Klaus Regling, Managing Director, ESM Published in the Wall Street Journal 12 April 2016 Klaus Regling, the managing director of the European Stability Mechanism, the eurozone bailout fund, spoke to The Wall Street Journal about a range of issues, including ongoing...

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Interview with Phileleftheros

https://www.esm.europa.eu/interviews/interview-phileleftheros Interview with Klaus Regling, Managing Director, ESM Published in Phileleftheros (Cyprus) 13 March 2016 Phileleftheros: Cyprus is concluding its cash-for-reform programme with the European Stability Mechanism (ESM). How will you track the progress from now on to ensure the loans are repaid? Klaus...

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Rolf Strauch in webcast with Karen Ward (JP Morgan Asset Management)

https://www.esm.europa.eu/interviews/rolf-strauch-webcast-karen-ward-jp-morgan-asset-management Webcast with Rolf Strauch, ESM Chief EconomistRecorded on: 15 March 2023 On 15 March, ESM Chief Economist Rolf Strauch joined Karen Ward (Chief Market Strategist at JP Morgan Asset Management) in her Webcast “Market Watch” to discuss Europe’s recent and future economic outlook, how governments will...

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Interview with Expresso

https://www.esm.europa.eu/interviews/interview-expresso

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Rolf Strauch in Bruegel podcast "Rethinking fiscal policy"

https://www.esm.europa.eu/interviews/rolf-strauch-bruegel-podcast-rethinking-fiscal-policy ESM Chief Economist Rolf Strauch Discussants Maria Demertzis and Zsolt Darvas on 19th October 2021 Bruegel - The Brussels-based Economic Think Tank Language: English Publication date: 20 October 2021. Listen to this episode on your podcast player of your choosing: Your browser does not support the...

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Interview with Kauppalehti

https://www.esm.europa.eu/interviews/interview-kauppalehti

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Interview Market News International - MNI (Washington D.C)

https://www.esm.europa.eu/interviews/interview%C2%A0market-news-international-mni-washington-dc

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