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ESM Principal Economist, Gergely Hudecz, chairs session 4: International Roles of Euro and Dollar

ESM Chief Economist, Rolf Strauch, chairs policy panel 1: How to Manage the International Monetary and Financial System in a More Fragmented Geo-Economic World?

Energy prices in the euro area have receded from their peaks of last year, yet prices of other goods and services continue to rise. Headline inflation is declining, but core inflation remains stubbornly high. Fiscal policy has an important role to play in aligning with monetary policy to bring inflation back down to target.

Commercial real estate markets are under pressure in Europe and beyond as prices fall and activity has stalled in many countries. The commercial real estate sector poses risks to euro area banks and financial stability. More than a decade ago, the European Stability Mechanism was called in to rescue countries drawn into a sovereign-bank doom loop caused by a bursting real estate bubble. But today, the risks appear less systemic than in the past and banks are better equipped to face the pressures.

Les points saillants de l’interview de Pierre Gramegna, Directeur général du Mécanisme européen de stabilité, avec Ali Laïdi de France 24
Date de diffusion: 28 juillet 2023

Sur la création du Mécanisme européen de stabilité

Main points of the interview with Pierre Gramegna, Managing Director of the European Stability Mechanism, with Ali Laïdi of France 24
Date of broadcast: 28 July 2023

On the creation of the European Stability Mechanism

Kathimerini: What is the role of the ESM in Greece and why does the ESM monitor economic developments in Greece?

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Dear Chairwoman, dear Julie,

Dear friends,

Ladies and gentlemen,

It is a pleasure for me to give the keynote speech at the occasion of this second edition of the Luxembourg Capital Markets Day.