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Getting to the ESM
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EU000A1Z9873
EFSF approves waiver of Portugal’s mandatory repayment of EFSF loans
The Board of Directors of the European Financial Stability Facility (EFSF) today decided to waive the mandatory repayment obligation of EFSF loans, allowing Portugal to proceed with the early repayment of its International Monetary Fund (IMF) loan.
Klaus Regling at Eurogroup press conference
Transcript of remarks by ESM Managing Director Klaus Regling
Press conference after Eurogroup meeting, 4 December 2018

 

The Benefits of Reducing Hold-Out Risk: Evidence from the Euro CAC Experiment, 2013-2018
Download PDF: Working Paper 33

This paper studies the pricing implications of Collective Action Clauses in euro area sovereign bonds and finds that the yield effects are heterogeneous across economies and over time.

Authors: Mattia Osvaldo Picarelli, Aitor Erce, Xu Jiang (all ESM)

 

Abstract:

Klaus Regling meets with European Council President Donald Tusk
Staff statement following the ninth post-programme surveillance mission to Portugal

Staff from the European Commission, in liaison with staff from the European Central Bank1, visited Lisbon from 27 to 30 November 2018 for the ninth post-programme mission to Portugal. The mission was coordinated with an International Monetary Fund post-program monitoring visit. Staff from the European Stability Mechanism participated in the meetings in the context of its Early Warning System.

A case for a European Rainy Day Fund
Download PDF: Discussion Paper 5

This paper draws on the US experience with state rainy day funds (RDFs) and develops a proposal to build a fiscal stabilisation function for the euro area in the format of a common non-mutualised European RDF.

Authors: 

The future of EMU and the role of the ESM - speech by Klaus Regling

 

 

 

 

Klaus Regling, ESM Managing Director
"The future of EMU and the role of the ESM"
EIB/ECB Conference
Luxembourg, 28 November 2018

(Please check against delivery)

Ladies and gentlemen,

Cross-border capital flows and capital markets union: Quo vadis Europe?
Download PDF: Discussion Paper 3

This discussion paper gathers together the contributions made at a seminar on cross-border capital flows and capital markets union organised by and held at the ESM in December 2017. The contributions reflect the state of affairs at the time of the event.