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Title: Handbook on crisis communication for public institutions
Summary: This handbook on crisis communication is primarily for public institutions, such as governments or international organisations.
The aim of the project was to produce key principles of crisis communication by connecting research and practice.
The famous ‘whatever it takes’ speech by former European Central Bank president Mario Draghi[2] is a testament to how impactful crisis communication can be. Words are the first direct measure that citizens and financial markets react to in crises management. They are an essential tool for maintaining public trust while key reforms and policies take root.
Title: Concessional credit lines for sovereigns in financial distress
Summary: This paper quantitatively assesses the macroeconomic effects of concessional credit lines for sovereigns in financial distress and shows how accessing credit lines could alleviate sovereign risk and contribute to macroeconomic stabilisation.
Authors: Yasin Mimir (ESM), Yasin Kürsat Önder (Ghent University)
The significance of geopolitical risks has resurged in recent years, notably through the impact of armed conflicts (Figure 1). While conflicts worldwide are a growing source of concern, Europe is now also confronted with a war at its doorstep. Deeper geopolitical fragmentation and economic distress between nations and/or regions, further exacerbate uncertainty and instability.
The result of the auction of 1 April 2025 for the 3-month Bills of the ESM was as follows:
Total Bids: € 2,612.00 mn
Competitive bids: € 907.00 mn
Non-competitive bids: € 1,705.00 mn
Allotment / Issue volume: € 1,092.35 mn
The European Stability Mechanism (ESM) has mandated Scope Ratings, an EU-based credit rating agency, to rate its creditworthiness alongside existing agencies. The appointment supports the ESM’s market access, competition in the credit rating market, and strengthens European capital markets. With this mandate, Scope’s previously unsolicited long-term AAA and short-term S-1+ ESM ratings with stable outlooks have become solicited ratings.
(Luxembourg) - The European Financial Stability Facility (EFSF) raised €5 billion on Monday with a new 5-year transaction – completing 55% of its long-term funding programme for 2025.
The EFSF issued the new bond paying a 2.625% coupon and maturing on 7 May 2030. The spread was fixed at mid-swaps plus 30 basis points, for a reoffer yield of 2.664%.
The European Financial Stability Facility (EFSF) raised €5 billion on Monday with a new 5-year transaction – completing 55% of its long-term funding programme for 2025.
The EFSF issued the new bond paying a 2.625% coupon and maturing on 7 May 2030. The spread was fixed at mid-swaps plus 30 basis points, for a reoffer yield of 2.664%.