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This paper demonstrates that events in Greece worsened euro area countries' tail risks during the sovereign debt crisis.
Authors: Daragh Clancy, Carmine Gabriele and Diana Zigraiova (all ESM)
Abstract:
This technical appendix was compiled to provide further background to the second ESM evaluation focusing on financial assistance to Greece. Its purpose is to enhance transparency on the technical aspects of the conduct of the evaluation exercise, and the various strands of analysis. The evaluation was designed to ensure maximum impartiality, within the available organisational set-up, and methodological rigour. By describing the process and the various strands of analysis, the appendices support the evaluation’s credibility.
This follows best practice of other international financial institutions, such as the European Investment Bank (EIB), the International Monetary Fund (IMF) and the World Bank, who also regularly evaluate their activities to promote accountability and learning, and thereby also the credibility and public trust in the institutions.
The independent evaluation report Lessons from Financial Assistance to Greece assesses the financial assistance to Greece in terms of relevance, effectiveness, sustainability, efficiency and cooperation. It primarily focuses on the ESM programme from 2015 to 2018, while taking into account its links with the preceding EFSF programme.
Download the report: Lessons from Financial Assistance to Greece
Other related documents
Luxembourg – The Board of Governors of the European Stability Mechanism (ESM) held its eighth Annual Meeting today via videoconference and approved the ESM Annual Report for 2019. The Board of Governors comprises the 19 euro area finance ministers. They discussed the main developments of the ESM over the past year and its key activities, including funding, investment and lending.
The result of the auction of 9 June 2020 for the 12-months Bills of the ESM was as follows:
Total Bids: € 6,714.00 mn
Competitive bids € 1,315.00 mn
Non-competitive bids € 5,399.00 mn
Allotment / Issue volume € 1,499.10 mn
The Board of Governors (composed of the 19 euro area finance ministers) holds its 8th annual meeting virtually during which it approves the ESM Annual Report, submitted by the Managing Director. The ESM Annual Report includes a description of the policies and activities of the ESM; the ESM Financial Statements; the external auditor's report, and the Board of Auditors' report in respect of the ESM Financial Statements.
This year, the Board of Governors will also be presented with the independent Evaluation Report on EFSF and ESM financial assistance to Greece.