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The ESM, as it was the case in the past, took an active role in these meetings. Here are our six takeaways:
Essential reforms to stabilise the Cypriot economy and achieve resilience
18th Annual Cyprus Summit
Nicosia, 18 October 2022
Opening Remarks
(Please check against delivery)
Dear Minister, Ladies and Gentlemen, good afternoon,
It is a pleasure to be back in Nicosia.
The Economic landscape in Europe
(Luxembourg) - The European Stability Mechanism (ESM) reopened a 2027 bond on Monday and closed its long-term funding for 2022 at its earliest date ever.
The €2 billion no-grow tap of the 1% 23 June 2027 bond was priced with a spread fixed at mid-swaps minus 21 basis points, for a reoffer yield of 2.875%. The tap sale brings the total outstanding for this bond line to €4 billion. The order book was in excess of €4.2 billion excluding joint lead manager interest.
Press conference after informal Eurogroup meeting
Washington DC, 14 October 2022
(Page published in October 2022)
Ten years ago, on 8 October 2012, the European Stability Mechanism formally began operating when the finance ministers of the euro area countries took part in the inaugural meeting of the ESM Board of Governors.
The ESM was created to safeguard financial stability of the euro area as a whole and of its Members. It replaced the temporary European Financial Stability Facility (EFSF), which was established in 2010.
The seventh High-level Regional Financing Arrangements (RFAs) Dialogue was held on 12 October 2022 in Washington DC amidst a highly uncertain global outlook and slowing growth. The discussion focused on ways to strengthen cooperation in the face of the multiple shocks that are testing the resilience of the world economy, and how to contribute to a stronger Global Financial Safety Net (GFSN).