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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:
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,
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.
Klaus Regling, ESM Managing Director
“The future of the Economic and Monetary Union and the role of the ESM”
33rd international ZinsFORUM 2018
Frankfurt am Main, 26 November 2018 (Please check against delivery - Translation from the German original)
Ladies and gentlemen,
Luxembourg – The Board of Directors of the European Financial Stability Facility (EFSF) today approved the implementation of a set of medium-term debt relief measures for Greece. The measures are set out in a number of EFSF documents including the Master Financial Assistance Facility Agreement between the EFSF and Greece. Euro area finance ministers had endorsed the measures at the Eurogroup meeting on 22 June 2018.
Following the completion of the fourth and final review of Greece’s ESM programme, the medium-term measures were agreed by the Eurogroup on 22 June 2018. The implementation of the measures was approved by the EFSF Board of Directors on 22 November 2018.