Search
With the creation of the EFSF, euro area member states found an innovative way to support one another, despite the dents in mutual trust.
Amid the political tremors, it fell to three institutions – the European Commission, the ECB, and the IMF – to engineer, administer, and monitor aid packages, in an informal alliance dubbed the ‘troika’.
While government leaders and finance ministers took overall charge of the policy response, and the euro area rescue fund played an increasingly prominent part, the troika emerged as the public fa
Outside Europe, the establishment of the rescue fund was seen as a key turning point. In late June 2010, leaders from the Group of 20 major industrialised countries met in Toronto to take stock of the global economic outlook.
Transcript of remarks by ESM Managing Director Klaus Regling
Press conference after Eurogroup meeting, 5 April 2019
Press conference after Eurogroup meeting, 5 April 2019
Entrevista com Klaus Regling, director executivo do ESM
Publicado em Jornal de Negócios
4 de abril de 2019
Entrevistadora: Margarida Peixoto
Língua original: inglês
A economia portuguesa vai na direção certa?
Publicado em Jornal de Negócios
4 de abril de 2019
Entrevistadora: Margarida Peixoto
Língua original: inglês
A economia portuguesa vai na direção certa?
The EFSF had to move quickly: the euro area’s new fund had only a three-year lifespan. First, it needed a home.
Luxembourg was the consensus choice. Tucked away between Belgium, France, and Germany, the Grand Duchy is known for its financial savvy and stalwart support for the European project.
When the euro area agreed to start a rescue fund, it needed someone to run it. In June 2010, during meetings in Luxembourg, finance ministers began kicking around the names of potential candidates. Several rose to the top, but Juncker, then chief of the Eurogroup, had a clear idea about whom to recruit.
‘Klaus Regling is a leading expert in international and European finance.
By the time the Greek Loan Facility was agreed, contagion – the spread of financial instability across national borders – was on everyone’s mind.