Search
In line with Article 42 of the ESM Treaty, ESM Members whose GDP per capita is less than 75% of the EU average in the year before their accession to the ESM, benefit from a temporary correction of the capital contribution key for a period of 12 years. In addition to Slovakia, this correction was applied for Malta, Slovenia, Estonia, Latvia and Lithuania. The temporary correction for Slovenia and Malta ended in January 2019 and January 2020, respectively.
The European Stability Mechanism (ESM) will launch 3-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.5 billion is envisaged.
Time schedule of the auction procedure:
Date of invitation to bid: Monday, 4 January 2021
Bidding period: Tuesday, 5 January 2021, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 7 January 2021
Investor Relations Newsletter
The ESM/EFSF Investor Newsletter is a quarterly publication that provides investors with updates on ESM/EFSF funding activities.
Subscribe to the ESM/EFSF Investor Newsletter
This paper shows that labour market variables respond in a significantly different way to the same productivity shocks across different phases of the business cycle.
Authors: Carlo Pizzinelli (IMF), Konstantinos Theodoridis (ESM), Francesco Zanetti (University of Oxford)
Abstract:
Increasing the resilience of the financial sector post Covid-19
Regional and global perspectives on financial stability
Organisers: ASEAN+3 Macroeconomic Research Office (AMRO), European Stability Mechanism (ESM), and Latin American Reserve Fund (FLAR)
In my recent column Inner Workings: When a global health crisis hits home, I announced a survey the ESM conducted in September to look into how extensive, pandemic-related teleworking affected our staff and our ways of working. Today, I can reveal some of the findings of this survey and explain how this will feed our plans for our ‘new normal’ at the ESM.
The pandemic is taking a tremendous toll not only on the health of citizens, but also on their livelihoods. Unemployment is rising; businesses are struggling. Uncertainty about the duration and impact of the current pandemic remains high and a rebound in economic activity may take time. Even post-pandemic, constraints on support due to increased public debt burdens and weakened banks may diminish our potential to recover.