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Download PDF: Working Paper 23
This paper presents a new framework for the early identification of sovereign vulnerabilities, based on a wide set of economic and financial indicators
Authors: Rudolf Alvise Lennkh, Edmund Moshammer (European Stability Mechanism) and Vilém Valenta (European Stability Mechanism)
Abstract:
El acceso a la financiación de los mercados por parte de la Administración Regional: experiencia internacional y desarrollos recientes
Workshop organised by ESM together with the Bank of Spain on the prospects to regain market access by the regional administrations in Spain taking into account the euro area experiences on regaining market access in the context of the EFSF/ESM programmes.
(Event is in Spanish.)
(Event is in Spanish.)
“Deepening the Economic and Monetary Union (EMU)”
Part of the set of lunch-time seminars at the European Commission to discuss the White Paper on the Future of Europe
Interview with Rolf Strauch
Chief Economist, ESM
EFE news agency (Spain), 23 March 2017
Klaus Regling, ESM Managing Director
“25 Years of Maastricht Treaty – The Future of EMU”
Hanns-Seidel-Foundation
Brussels, 22 March 2017
(Please check against delivery)
“25 Years of Maastricht Treaty – The Future of EMU”
Hanns-Seidel-Foundation
Brussels, 22 March 2017
(Please check against delivery)
Ladies and gentlemen,
Just a few words on Greece from the ESM perspective. I share the assessment that there has been good progress since the last meeting of the Eurogroup, particularly when the mission and the four institutions were in Athens. But it’s also clear that a significant number of issues are not resolved yet. And there is a risk indeed that this might have a negative impact on the economy, on confidence of consumers, on domestic and foreign investors. And therefore it is important to intensify the work.
"Shadow money: rethinking money in market-based finance"
Abstract: Bank money arises from credit creation via relationship banking, funding assets held to maturity. In contrast, shadow money arises from credit creation via capital markets, funding securities continuously repriced in repo transactions. Drawing on Goodhart (1998), Mehrling et al (2013) and Pozsar (2014, 2015), the presentation first examines shadow moneyness, issuing institutions, endogeneity (central bank collateral framework/safe assets) and instability (collateral market liquidity).