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Title: Expectations and term premia in EFSF bond yields

This paper offers the first study of the term structure of EFSF bond yields and a decomposition into expected interest rates and term premia.

Title: Aggregate skewness and the business cycle

This paper introduces a new measure to assess the balance of economy-wide risks and shows how changing risks relate to business cycle dynamics.

(Luxembourg) - The Board of Directors of the European Financial Stability Facility (EFSF) decided to reduce to zero the step-up margin accrued by Greece for the period between 1 January and 17 June 2022, as part of the medium-term debt relief measures agreed for the country in 2018. The value of this seventh successive reduction amounts to €103.3 million and will be reimbursed to Greece by the EFSF.

This digital upgrade is also vital for Europe’s ambitions to advance capital markets union. Getting legal fragmentation out of the way will allow for faster adoption of digitalisation and the harmonisation and scaling up of European debt markets – as well as make them more competitive internationally. There is consensus in the market on this, and industry and regulators are about to set the stage for change.