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Good afternoon from Luxembourg,

It gives me great pleasure to be with you, at this central bank workshop hosted by Euroclear. I wish I could be with you in person. Let’s hope next year we can see each other physically.

In this blog post, we will show that macro-financial indicators can signal risks to market tensions before they materialise, giving policy-makers as much as a year forewarning to tailor a response to the unique origin and impact of each crisis. Economic discipline and reforms stemming from the debt crisis as well as timely and appropriate policy response are helping European countries to better tackle new crises such as the Covid-19 pandemic today.

ESM Chief Economist Rolf Strauch will take part in the Financial Times’ landmark Global Banking Summit 2020 "Rebuilding, Redefining and Repositioning for Growth". He will speak in the panel “Realigning Banking Regulation - What are the Priorities for Rebuilding the Global Financial Architecture?” along with Christiana Riley (CEO, Deutsche Bank USA Corp; Member of the Management Board, Deutsche Bank AG) and Dylan Walsh (Partner & Global Head of Corporate and Institutional Banking, Oliver Wyman). Register here.

ESM Chief Economist Rolf Strauch will take part in the First Eurasian Congress, organised by the Eurasian Development Bank. He will speak in the panel “What Effect Will Eurasian Economic Integration Have and What Is Needed to Achieve It?” along with Chief Economists from other international financial institutions.

Klaus Regling in interview with Luxembourg for Finance. Transcript of interview with ESM Managing Director Klaus Regling. Luxembourg for Finance in Luxembourg, Luxembourg. Recorded 5 November 2020, published 15 November 2020. Interviewer: Nicolas Mackel

Listen to this episode on your podcast player of your choosing:

The result of the auction of 10 November 2020 for the 12-months Bills of the ESM was as follows:
Total Bids: € 5,714.00mn
Competitive bids €1,046.00 mn
Non-competitive bids €4,668.00 mn
Allotment / Issue volume € 1,490.47mn

The European Financial Stability Facility (EFSF) completed its fourth quarter funding needs with a €1 billion bond tap sale on Monday, concluding its €19.5 billion target for 2020.

The EFSF reopened its 0.875% bond maturing on 10 April 2035 as a tap offer. The spread was fixed at mid-swaps plus 1 basis point, for a reoffer yield of -0.038%. This yield marks an historic low for EFSF transactions with a maturity of 10 years or longer.

(Luxembourg) - The European Financial Stability Facility (EFSF) completed its fourth quarter funding needs with a €1 billion bond tap sale on Monday, concluding its €19.5 billion target for 2020.

The EFSF reopened its 0.875% bond maturing on 10 April 2035 as a tap offer. The spread was fixed at mid-swaps plus 1 basis point, for a reoffer yield of -0.038%. This yield marks an historic low for EFSF transactions with a maturity of 10 years or longer.