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Interview with Klaus Regling, ESM Managing Director
Published in De Telegraaf (Netherlands), 2 October 2018
Interviewers: Martin Visser and Dorinde Meuzelaar
Original language: English
 
 
What did you talk about with Minister Hoekstra?

There is a debate about the deepening of Economic and Monetary Union. So it is good to regularly exchange ideas with each other. Of course he is part of that debate, I also have ideas about that.

What still needs to happen?

European Commission staff, in liaison with staff from the European Central Bank (ECB), visited Cyprus from 24 to 28 September to conduct the fifth post-programme surveillance (PPS) mission and undertake specific monitoring of macroeconomic imbalances under the Macroeconomic Imbalance Procedure (MIP). The mission was coordinated with an International Monetary Fund (IMF) Article IV mission. Staff from the European Stability Mechanism (ESM) also participated in the mission on aspects related to the ESM's Early Warning System.

Luxembourg – Today the Board of Directors of the European Stability Mechanism (ESM) approved a request by the Spanish government to make a voluntary early repayment of €3 billion towards its ESM loan.

This is the ninth time Spain will make a voluntary early repayment of its loan, which was used to recapitalise its banks in 2012 and 2013. Following the repayment, Spain’s outstanding debt to the ESM will stand at €23.7 billion.

This paper presents a model for analysing debt sustainability by optimizing debt-financing decisions to balance borrowing costs with refinancing risks