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2022 ESM Annual Report

2022 ESM Annual Report


A word from the Managing Director

Having marked its 10th anniversary in 2022, the ESM can look back on how it contributed to maintaining euro area financial stability and prosperity and look forward to developing that mission.


The euro: from crisis to confidence

The euro area has overcome a series of crises since 2009, emerging more integrated and resilient and evolving from ad hoc solutions to permanent institutions that protect the single currency.

“Over 10 years and with more than €400 billion in firepower still on hand, the ESM has made a vital contribution to steering Europe’s monetary union through the troubles of the past and stands ready to avert and absorb new shocks. Building upon the ESM’s past experiences and aware of the challenges ahead, I am eager to work with our 20 member countries to shape the ESM around the euro area’s evolving needs”

Pierre Gramegna
Managing Director

“Numbering just 10 people when I started, we built a safety boat in the midst of a storm, saving countries and learning along the way. Today, our weather-tested rescue ship is trusted by international markets and European nations to ensure financial stability for 350 million euro area citizens.”

Kalin Anev Janse
Chief Financial Officer

“Our diverse and committed staff, who have come together for a shared purpose, are key to our success in supporting the euro area yesterday, today, and tomorrow. Synchronising the relationship between these talented individuals, lean processes, and innovative systems ensures our organisational readiness to respond quickly and appropriately whenever needed.”

Sofie De Beule-Roloff
Chief Operating Officer
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“The ESM has proven itself the embodiment of solidarity within the euro area and an example of what can be achieved within the existing legal framework. I am confident we will see the continuance of that vision, with the ESM legal team as guide and pathfinder.”

David Eatough
General Councel
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“The daunting challenge of building a modern international financial institution from scratch while successfully tackling a severe crisis affecting millions of citizens was made possible through the motivation, dedication, and perseverance of exceptional colleagues, who have contributed to this endeavour over the last decade.”

Nicola Giammarioli
Secretary General
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“Rapidly establishing the ESM’s high standing among international investors has been a unique and exciting experience and an opportunity to lead highly-skilled teams through deep crises and volatile markets. I am proud to see the ESM’s strength and how ready it stands to face future challenges.”

Christophe Frankel
Deputy Managing Director and Chief Risk Officer
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“The ESM has safeguarded the integrity of the euro area, proven itself a success, and earned trust with the help of its tremendously dedicated team and skilled leadership. The new ESM Treaty will strengthen the institution and allow it to continue to fulfil its role as a crisis resolution mechanism.”

Rolf Strauch
Chief Economist

2022 year in review

2022 was a year of transition for the ESM, with its first Managing Director handing over to a new leader looking ahead to an expanded mandate. Among other significant milestones were the preparation for Croatia’s accession as the 20th ESM Member in March 2023.

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ESM invests responsibly

The ESM introduced ESG-quality scoring of its €80.5 billion paid-in capital, earning top scores.

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Key strategic goals

Strategic priorities for 2022 drove ESM efforts to deliver on its mission.


Pandemic support underscores ESM mission

The Pandemic Crisis Support credit line is testament to the ESM’s agility and its ability to respond swiftly to crises.

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Macroeconomic and financial environment

Euro area economic activity remained resilient, despite a sharp global slowdown amid geopolitical tensions, notably over the war in Ukraine and soaring inflation. Euro area GDP grew 3.5% in 2022, thanks to a strong first half.

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Former programmes

The ESM monitors the repayment capacity of the five member states to which it and its predecessor the EFSF disbursed nearly €300 billion in loans since 2011.