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The Incoming European Commission's Agenda on Delivering the Green Transition

Energy security, the uninterrupted availability of energy sources at an affordable price, is a key determinant of economic resilience. [1] It matters for corporates whose business models rely on stable input prices and for citizens whose wellbeing depends on energy availability at reasonable prices. A country’s energy security depends on how well diversified its energy sources are.

The result of the auction of 16 July 2024 for the 6-months Bills of the ESM was as follows:

Total Bids: € 2,356.00 mn
Competitive bids € 761.00 mn
Non-competitive bids € 1,595.00 mn
Allotment / Issue volume € 1,095.45 mn

The European System of Financial Supervision, of which the EBA is an integral part, started operating on 1 January 2011. The following year saw the inception of the permanent crisis management mechanism, the ESM. About two years later, the Single Supervisory and Single Resolution Mechanisms were established within the banking union project.

Good evening, everyone. I will talk about two topics today: the fiscal stance of the euro area and the discussion we had with Enrico Letta, which was very fruitful.

Title: Investor Activity in EFSF/ESM secondary bond markets

This paper discusses investor and dealer behaviour in the secondary markets of EFSF and ESM bonds between 2014 and 2020.

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, 15 July 2024
Bidding period: Tuesday, 16 July 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 18 July 2024

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Ladies and gentlemen, good evening. I am delighted to address you again this year at the Robert Triffin Lecture.

Athens Radio: Mr Fioretti, thank you for joining us. It's an honour and a pleasure. In each Annual Report, the ESM states that Greece is recording robust economic performance. However, the country still needs reforms, faces challenges. Can you elaborate a bit on those specific challenges and prioritise the reforms that the Greek authorities should front-load?