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Fiscal space varies strongly across euro area member states, with higher debt usually associated with weaker fiscal positions (see Figure 1). For countries with higher debt, the fiscal adjustments required under the EU’s new fiscal framework can be demanding, bringing the risk of fiscal fatigue and increased shortfalls if the proper policy mix is not found.
How does the ESM coordinate with European and global institutions to maintain financial stability?
Watch ESM CFO Kalin Anev Janse address this at the recent Financial Street Forum. This discussion arose amid interest rate cuts by the European Central Bank and the US Federal Reserve System.
As an international financial institution with a public mandate, the European Stability Mechanism (ESM) strives to implement environmental, social, and governance (ESG) best practices within its operations.
The European Stability Mechanism (ESM) will launch 6-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.1 billion is envisaged.
Time schedule of the auction procedure:
Date of invitation to bid: Monday, 14 October 2024
Bidding period: Tuesday, 15 October 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 17 October 2024
Press conference following Eurogroup meeting
Luxembourg, 7 October 2024
Title: Geoeconomic fragmentation: Implications for the euro area and ASEAN+3 regions
Authors: Gergely Hudecz, Alexandre Lauwers, Yasin Mimir, Graciela Schiliuk (ESM); Li Lian Ong, Hongyan Zhao, Diana del Rosario (AMRO)
Geopolitical tensions have economic costs, causing, for example, both international trade and cross-border capital flows to suffer. This is geoeconomic fragmentation. A recent ESM discussion paper examines the implications for the euro area’s external financing.
ESM Deputy Head of Economic Risk Analysis Marialena Athanasopoulou and ESM Chief Economist Rolf Strauch gave a presentation "The euro@25 - past challenges, future opportunities" at Barcelona School of Economics.
They explored the significance of unity and the euro, particularly for Spain.
Key Benefits of Unity and the Euro: