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Nicoletta Mascher, ESM Head of Financial Sector and Market Analysis Division, will make a presentation on, "ESM: Financial Stability in the euro area".

Please note that the time indicated is CEST, UK time of the event is 11:00 until 12:00.

ESM Managing Director Pierre Gramegna, ESM Secretary General Nicola Giammarioli and ESM Chief Economist Rolf Strauch will take part in a High-level Conference “Croatia's Joining the European Stability Mechanism as 20th Member”.

Since the outbreak of the pandemic, disruptions in global supply chains and the extraordinary surge in energy prices led to a sharp increase in firms’ input costs. Corporates can react to higher input costs in two ways. First, they can pass the higher costs to the consumer to avoid a profit squeeze. Second, in the most extreme cases, a spike in costs can force firms to cut production, resulting in employment losses and further economic deterioration.

This exciting prospect also prompted the ESM to issue a discussion paper Wholesale central bank digital currency – the safe way to debt capital markets and to co-host a seminar with the International Capital Market Association in April,[1] where speakers highlighted, among numerous topics, the fact that more than 90 central banks around the world are already studying central bank digital currencies.

Head of Economic and Risk Analysis, Giovanni Callegari will participate in the panel, "Can debt sustainability be made operational?"

(Luxembourg) - The European Financial Stability Facility (EFSF) takes note of the decision by Fitch Ratings to downgrade the EFSF's long-term rating by one notch to AA- from AA.

At the same time, Fitch affirmed the EFSF's short term rating is unchanged at the highest possible level of F1+.

The rating action follows and reflects Fitch downgrading EFSF guarantor France on 28 April 2023 by one notch to AA- from AA. 

EFSF continues to be assigned the best possible long-term rating by Moody’s (Aaa) while Standard & Poor’s rates the institution AA.