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Today, EFSF, the European Financial Stability Facility, rated Aaa (Moody’s) / AA- (Fitch) / AA- (S&P), has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.

Misina Cato is a Financial Sector and Market Expert in the Financial Sector and Market Analysis division at the European Stability Mechanism (ESM).

Previously, she worked at the Research Centre of the Deutsche Bundesbank, contributing to the survey of consumer expectations, and as an analyst at an impact asset manager in Frankfurt.

Aleksandra Kolndrekaj is an Economist in the Economic Risk Analysis division at the European Stability Mechanism (ESM) since January 2024. 

Before joining the ESM she worked at the ECB, European Training Foundation and the OECD. 

She holds a master’s degree and a bachelor’s degree in Economics from Università degli Studi di Torino and she successfully completed the Collegio Carlo Alberto’s Allievi Honors Program. Her research interests include household heterogeneity, inequality and their interaction with fiscal and monetary policy.

Title: The distributional implications of the euro area crisis: Evidence from macroeconomic adjustment in Greece and Portugal

Summary: The paper explores the distributional effects of economic crises and the resulting economic adjustments on household income in Greece and Portugal.  

Authors: Misina Cato (ESM), Olga Francova (ESM), Valentin Lang (University of Mannheim)

Markus Marterbauer was appointed Federal Minister of Finance of the Republic of Austria on 3 March 2025. Mr Marterbauer was Assistant at the Institute for Political Economy and Economic Policy, Vienna University of Economics and Business from 1988 to 1994. He was Economic Consultant, Austrian Institute of Economic Research from 1994 to 2011. From 2011 to 2025, he was Head of the Department of Economics and Statistics, Chamber of Labour. Until 2025, he was Vice-President of the Austrian Fiscal Council, University Lecturer at the University of Vienna and the Vienna School of Economics.

Francis Dassyras is Team Lead, Planning and Execution at Funding and Investor Relations.

GlobalCapital: SSA bond spreads have widened all year, and there seems little on the horizon that will reverse that trend, especially with the political situation in Germany developing as it is and the rates picture in euros. How will this trend alter your approach to issuing debt in the year ahead?  

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