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The ESM Book

Cover photo of a euro coin and a euro note
Global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the euro area crisis as well as the innovative solutions found to resolve it. As Europe strives to further strengthen its financial architecture, this book provides important lessons for future crisis management.
(Book published in June 2019)
 

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Table of Contents

Safeguarding the euro in times of crisis: The inside story of the ESM
Acknowledgements
Foreword by Jean-Claude Juncker, President of the European Commission
Foreword by Klaus Regling, ESM Managing Director
1.
Defending a symbol: ‘Euro is here to stay’
2.
Lurching towards crisis: a ‘very fragile’ world
3.
‘Runaway train’: Greece sounds the alarm
4.
The €750 billion weekend: the EFSF is born
5.
Enlisting Klaus Regling: ‘I have his number’
6.
All eyes on Luxembourg: ‘let’s do this’
7.
Early days: the EFSF and its doubters
8.
Enter the troika: the European Commission, the IMF, the ECB
9.
Courting a top credit rating: preparing for the markets
10.
Testing the EFSF: the case of Ireland
11.
A phone, a laptop, and an espresso machine: start-up culture
12.
‘Make sure the project flies’: the EFSF’s first bond
13.
The crisis spreads to Portugal: a second call for aid
14.
Scaling up the fund: the ‘save Europe’ call
15.
Towards the ESM: ‘a solid legal foundation’
16.
Expanding the EFSF toolkit: bonds, banks, and guarantees
17.
Meeting at the opera: the leverage debate
18.
Rethinking rescue funding: the diversified strategy
19.
From bailout to bail-in: towards a new programme for Greece
20.
European ‘bazooka’: the $1 trillion question
21.
The ESM takes shape: ‘something fresh’
22.
A ‘big mistake’: Greece’s second rescue stumbles
23.
Debt sustainability: revising the metrics
24.
Breaking the doom loop: towards banking union
25.
Spain’s banks: the ESM’s first programme
26.
The ESM on trial: green light from Germany
27.
Financial milestone: the ESM starts operations
28.
Corporate governance: the ESM’s operating manual
29.
Capital backing: key to top ESM credit rating
30.
At home in Luxembourg: a look inside the ESM’s offices
31.
Crisis in Cyprus: ‘no negotiating power, no credibility’
32.
Clean exit: Portugal wraps up its programme
33.
Ensuring repayment: the ESM’s early warning system
34.
‘Just in case’: the direct bank recapitalisation tool
35.
Safeguarding the capital: building a modern, strategic investment architecture
36.
Moving towards Grexit: at the cliff’s edge
37.
Turning the corner: Greece’s third programme
38.
Debt relief: ‘real savings for Greece’
39.
Beyond the troika: the ESM’s evolving role
40.
The ESM: taking on new tasks
Epilogue