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Since the sovereign debt crisis of the 2010s, euro area resilience has been repeatedly tested by crises like the Covid-19 pandemic, and the Russian war in Ukraine and ensuing energy price shock. Each blow derailed any economic rebound underway during the recovery phase. Future disruptions could also emerge from geopolitical tensions, cyberthreats, ageing populations, or climate change.

Link to the livestream: The evolution of Europe's financial response to challenges: what should come next? (youtube.com)

The result of the auction of 4 June 2024 for the 3-months Bills of the ESM was as follows:
Total Bids: € 2,509.00 mn
Competitive bids: € 793.00 mn
Non-competitive bids: € 1,716.00 mn
Allotment / Issue volume: € 1,069.96 mn

The European Financial Stability Facility (EFSF) takes note of the decision by Standard & Poor’s to downgrade the EFSF's long-term rating by one notch to AA- with stable outlook from AA with negative outlook.

At the same time, Standard & Poor’s affirmed the EFSF's short-term rating which is unchanged at the highest possible level of A-1+.