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The euro’s prospects darkened in October 2009, when a newly elected Greek government led by George Papandreou announced that the country’s budget deficit was a lot higher than initially reported.
When the euro area made its historic decision to create a common firewall, it had been buffeted by two major crises, each of which had been building for years. First, Europe was sent reeling by the US subprime mortgage debacle and the shockwaves caused by the collapse of the investment bank Lehman Brothers in 2008.
Interview with Klaus Regling, ESM Managing Director
Published in Jornal de Negócios (Portugal)
Published in Jornal de Negócios (Portugal)
4 April 2019
Interviewer: Margarida Peixoto
Original language: English
Jornal de Negócios: Is the Portuguese economy going in the right direction?
In the first few years after its 1999 debut, the euro symbolised what the euro area member states had achieved together. Citizens could work, shop, and save across borders without having to convert their money into francs and marks.
It took a half century after Schuman’s generation embarked on the project of European integration for one of the most concrete achievements of all, the single currency, to become reality.
At 20 years young, the euro has already come a long way. A generation ago, it would have been unthinkable for 340 million Europeans in 19 countries to share a currency.
Our single currency has always been more than the notes and coins in our pockets and wallets. It is the symbol of unity and the promise of prosperity and protection.
Luxembourg – The European Financial Stability Facility on Wednesday raised €3 billion in a new 16-year bond, leaving just €1 billion in funding needs for the remainder of the second quarter.
“Today’s transaction met with very strong demand, as we responded to heightened investor interest in the maturity range above 10 years. The 16-year deal fills a gap in our outstanding bond tenors, and demonstrates our strategy of maintaining presence on all parts of the yield curve” said Siegfried Ruhl, EFSF Head of Funding and Investor Relations.
Rolf Strauch, ESM Chief Economist,
“Europe’s debt burden: challenges ahead”
Article published in Eurofi Magazine, 3 April 2019
Eurofi High Level Seminar, Bucharest
“Europe’s debt burden: challenges ahead”
Article published in Eurofi Magazine, 3 April 2019
Eurofi High Level Seminar, Bucharest