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2021 ESM Annual Report

2021 ESM Annual Report

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Interinstitutional collaboration

The ESM cooperates with a wide range of institutions and forums at global, regional, and national levels to support the development of the ESM’s analytical capabilities and policies.

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Message from the Managing Director

Through much effort, trials, errors, and commitment, the euro area and its currency have remained strong and look toward a promising future, especially if it focuses on fortifying its resilience. The ESM has been equipped for the future and, like in the past, stands ready to contribute to safeguarding financial stability in the euro area.

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Crisis mechanisms and climate risk prevention

Building sovereign resilience to climate change is key to mitigating inherent risks that touch every aspect of the global economy and to ensuring a better future for our societies.

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2021 year in review

Despite the continued challenges of the pandemic, the ESM achieved a number of milestones in 2021, including organising its third annual Capital Markets Seminar, fifth RFA research seminar and sixth annual RFA dialogue; increasing its ESG themed bonds to €7 billion; and the signature of its amended treaty agreement.

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ESG at the ESM

The ESM took steps over 2021 to strengthen environmental, social, and governance practices across the institution.

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Evolution of the ESM funding strategy

The ESM continuously adapts and explores new working methods to best serve its shareholders, investors, and the debt capital market as a whole.

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Pandemic stimulates positive changes

The pandemic continued to challenge the ESM’s internal and external operations in 2021, but it also provided the ESM opportunities to shift, adapt, and focus operations while ensuring fulfilment of its mandate.

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Macroeconomic and financial environment

Global economic activity recovered forcefully in 2021 with continued concerted policy action at European and national levels helping contain the impact, mitigating risks of scarring, and helping anchor the recovery.

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Former programmes

The ESM continues to observe the five programme countries to which it and its predecessor the EFSF have disbursed nearly €300 billion in loans, ensuring they can pay back these loans.