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The Board of Governors (composed of the 19 euro area finance ministers) holds its annual meeting at the ESM premises in Luxembourg 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.
Staff from the European Commission, in liaison with staff from the European Central Bank, visited Dublin from 21 to 24 May for the eleventh post-programme surveillance (PPS) mission to Ireland.[1] Staff from the European Stability Mechanism (ESM) also participated in the mission in the context of its Early Warning System.
Published by Cyprus News Agency
27 May 2019
Interviewer: Gregoris Savva
Original language: English
“Keeping a deepened euro area on the agenda”
Annual Lecture in Economics 2019 Nicosia, 23 May 2019
Gillian Tett writes: “The dollar will dominate for a while yet” (May 17). She may have forgotten that history is often a lesson for the future.
This paper shows how the output costs of sovereign defaults are intimately linked to the credit crunch and capital flight that such processes tend to generate.
Authors: Tamon Asonuma (IMF), Marcos Chamon (IMF), Aitor Erce (ESM), Akira Sasahara (University of Idaho)
Abstract: