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Excerpts from an interview with Klaus Regling, ESM Managing Director
Published by Nikkei (Japan) on 23 February 2018
Interview conducted on 22 February 2018 in Tokyo
Interviewers: Mari Ishibashi, Masayuki Yuda, Mikio Sugeno
On the European economy:
“Now the European economy is in good shape. With 2.5% growth is actually quite high. In the 4th quarter of 2017 it was actually 2.7%, which is high.”
Luxembourg – The European Stability Mechanism (ESM) today conducted a tap of its 0% 6-year bond maturing on 18 October 2022 through an auction. The deal raised €998.55 million, bringing the total size of the bond to nearly €5 billion (€4,995.05 million).
“Today’s tap auction met with excellent investor demand, as the orderbook was oversubscribed nine times. The transaction completes the ESM’s funding for the first quarter of 2018, and €3.5 billion is planned for the second quarter,” said Siegfried Ruhl, ESM Head of Funding and Investor Relations.
Working Paper 26
Does exchange rate depreciation have contractionary effects on firm-level investment? The implications of alternative types of bond financing
This paper shows that exchange rate depreciations can have a contractionary impact on investment spending when firms hold foreign currency-denominated debt.
Authors: Jose Maria Serana (Bank for International Settlements) and Ricardo Sousa (European Stability Mechanism)
"The Road toward Monetary Union in Europe – Where Next?"
The European Union is poised to further its long march toward full economic and monetary union by forming a European Monetary Fund or EMF that will succeed the European Stability Mechanism (ESM). Klaus Regling is the current and first Managing Director of the European Stability Mechanism which, since its launch in 2012, has helped to preserve stability in the euro area by providing financial support to euro area Member States in distress.
Press conference after Eurogroup meeting, 19 February 2018