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Luxembourg – The European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) have revised their funding needs for this year and the next. The EFSF will now raise €49 billion in total in 2017, an increase of €9 billion. The ESM will raise €12.5 billion in total this year, a decrease of €4.5 billion. The combined funding needs for the two institutions for 2017 will, therefore, be €61.5 billion.
“Greece’s Return to Financial Markets –
The Viewpoint from the Institutions”
Nicola Giammarioli, ESM Mission Chief to Greece
Frankfurt, 31 May 2017
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The European crisis in the late 2000s has revealed a vicious circle between the financial health of governments and banks, reflecting banks' holdings of sovereign debt and government commitments to financial bailouts. Understanding the linkages between sovereign and banking risk is a central element of an effective macroprudential policy framework.
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The conference took place May 16-18 at the ARBED building “19 Liberté” in Luxembourg, kindly made available by the Banque et Caisse d’Epargne de l’Etat (BCEE).
“Today’s very strong order book showed it was the right decision to raise long-term funding when the demand is there. The EFSF is not planning any further benchmark transactions for the remainder of the second quarter,” said Siegfried Ruhl, EFSF Head of Funding and Investor Relations.