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12. ‘Make sure the project flies’: the EFSF’s first bond
Once the EFSF secured a provisional AAA rating from all three big-name rating firms, it was primed to go to the markets if needed. In the months before Ireland’s formal request, the EFSF team prepared for what could be coming, lining up investors and clearing a number of obstacles.
11. A phone, a laptop, and an espresso machine: start-up culture
A small suite of old-fashioned offices provided the firewall’s first home. Even those were a step up from Regling’s personal laptop and telephone, which constituted the fund’s entire infrastructure for his first weeks as chief executive in June 2010. When Regling was hired, the EFSF existed on paper only.
10. Testing the EFSF: the case of Ireland
A potent mix of recession and banking crisis had pushed Irish government finances to the edge. With better bank governance and an eye towards fending off the worst excesses of a boom-bust cycle, Ireland might have been able to avert the debacle.
9. Courting a top credit rating: preparing for the markets
With the creation of the EFSF, euro area member states found an innovative way to support one another, despite the dents in mutual trust.
8. Enter the troika: the European Commission, the IMF, the ECB
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
7. Early days: the EFSF and its doubters
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.
Klaus Regling at Eurogroup press conference
Transcript of remarks by ESM Managing Director Klaus Regling
Press conference after Eurogroup meeting, 5 April 2019

 

Entrevista com Klaus Regling publicado em Jornal de Negócios
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?
 
6. All eyes on Luxembourg: ‘let’s do this’
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.
5. Enlisting Klaus Regling: ‘I have his number’
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.