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[Translated from Dutch]

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.

The COVID 19 pandemic and the energy crisis have left their marks in Europe and especially in Germany, given its high share of energy-intensive industries. However, the projection of Germany’s potential output points to clear obstacles to growth in the coming decades, irrespective of the current economic weakness.

The recent increase in interest rates has changed the landscape of euro area government debt. While governments must pay higher borrowing rates to finance their deficits, higher bond yields attract investors. Looking at the origin of the new demand for government debt, we ask if this will endure and what the implications of higher borrowing costs are for sovereigns.

Die Rolle der Europäer in der Welt von morgen zu sichern, verlangt Mut und Vision, meint Rolf Strauch. Ein vertiefter, einheitlicher Binnenmarkt und gemeinsame Projekte für nachhaltiges Wachstum würden Europa auch politisch stärken.

Securing the role of Europeans in the world of tomorrow requires courage and vision, says Rolf Strauch. A deeper, single market and joint projects for sustainable growth would also strengthen Europe politically.

Corriere della Sera: La presidente del Consiglio Giorgia Meloni dice che il Mes è obsoleto. Si sbaglia o c’è un fondo di verità?

Corriere della Sera: President Giorgia Meloni says that the ESM is obsolete. Is she wrong or is there some truth to this statement?

Link to event: Macroeconomic governance and monetary union • European University Institute (eui.eu)