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Title: Option-implied bond spread risk

Summary: This paper uses bond-option data to gauge market uncertainty and the magnitude of potential yield and spread moves in case of shocks to sovereign debt markets.     

Geoeconomic fragmentation, the reversal of progress towards global economic and financial integration due to political and military conflict and strategic policy decisions, is rising. Major shocks such as the global financial crisis and the Covid-19 pandemic exposed the vulnerabilities of an interconnected world. 

Various electronic trading platforms offer automatic matching of buy and sell orders or operate as centralised exchanges. In asset classes like equities and commodities, most trading is now conducted on electronic exchanges or via high-frequency automated platforms. Over the past two decades, euro area government bond markets have also moved predominantly to electronic trading.

The event is organised by the European Commission.

Link to register: Register for the Internal Audit Service (IAS) Conference 2024 - European Commission

Title: Saving for stability: Greece’s Recovery and Resilience Plan and its impact on the external position

Summary: This paper presents a small open-economy general equilibrium model to track the dynamic effects of the RRP/RRF on savings, investment, and external balances in Greece. 

Authors: Zamid Aligishiev and Robert Blotevogel (ESM)

The result of the auction of 19 November 2024 for the 6-month Bills of the ESM was as follows:

Total Bids: €3,360.00mn
Competitive bids: €914.00 mn
Non-competitive bids: €2,446.00 mn
Allotment / Issue volume: €1.095.34 mn