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Kalin Anev Janse, ESM Secretary General
“The ESM: From unexpected start-up to innovative international financial institution”
Global Digital Banking Conference Barcelona, 17 May 2019
(Please check against delivery)
“The ESM: From unexpected start-up to innovative international financial institution”
Global Digital Banking Conference Barcelona, 17 May 2019
(Please check against delivery)
Transcript of remarks by ESM Managing Director Klaus Regling
Press conference after Eurogroup meeting, 16 May 2019
Press conference after Eurogroup meeting, 16 May 2019
Klaus Regling, ESM Managing Director
Opening remarks
3rd Joint RFA Research Seminar Luxembourg, 16 May 2019
(Please check against delivery)
Opening remarks
3rd Joint RFA Research Seminar Luxembourg, 16 May 2019
(Please check against delivery)
Ladies and gentlemen, good morning.
Luxembourg – The regional rescue funds will discuss, at their 3rd Joint Research Seminar in Luxembourg, how to detect, analyse, prevent and tackle sovereign risk and how they can provide enhanced support, given the heightened global risks related to trade tensions, geopolitical challenges and economic and market uncertainties.
Greek programme achievements
In August 2018, Greece exited its third financial assistance programme after a decade of adjustment. During these years, Greece implemented substantial reforms to restore sustainability to public finances, strengthen the banking sector’s resilience, and improve the economy’s competitiveness. During this time, Greece received almost €290 billion in official sector financial assistance and extensive debt relief.
December 2018 Euro Summit marks new chapter for the ESM
The Euro Summit endorsed a package of measures to deepen European Economic and Monetary Union (EMU), assigning the ESM a stronger role in safeguarding financial stability.
In December, the Heads of State or Government endorsed a package of reforms to reinforce the resilience of the euro area.
Portugal’s economy continued growing, with some deceleration stemming mostly from the external sector. Domestic demand was the main driver of growth supported by improvements in the labour market. By the end of 2018, fiscal targets were met, supporting reductions in high public debt.
Cyprus regained an investment grade rating in 2018 thanks to strong economic growth, a prudent fiscal policy, and a more resilient financial sector. The winding down of Cyprus Cooperative Bank (CCB) alleviated a major risk to financial stability through the removal of a large share of NPLs from outside the banking sector.
The economy continued growing in 2018, outpacing euro area peers. However, there was some deceleration, stemming mostly from the external sector. Robust domestic demand helped to counterbalance the weak external environment. The general government deficit dropped below 3% mostly due to favourable cyclical conditions. As a result, Spain is expected to exit this year the Excessive Deficit Procedure for the first time since 2009.