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The ESM has appointed Maria Kartcheva as Head of the Asset & Liability Management and Financial Structuring division in the CFO department as of 1 January 2024.

Ms Kartcheva had been serving as Acting Head of the division since March 2023. Her team is responsible for managing the structural balance sheet risks of the ESM and European Financial Stability Facility (EFSF), resulting from funding, lending and investment operations. Before taking on this position, she was the Deputy Head of the Investment and Treasury division. 

Statement by ESM Managing Director Pierre Gramegna on the decision of the Italian Parliament not to ratify the revised ESM Treaty

The ESM regrets the decision of the Italian Parliament to vote against the ratification of the revised ESM Treaty. Without the ratification from all Member States, the ESM will not be able to provide the common backstop to the banking union’s Single Resolution Fund, which would benefit all euro area countries.

Delano: Which trends will shape Europe’s growth in the future?

In July 2022, the European Central Bank (ECB) hiked official monetary policy rates for the first time since 2011. The current hiking cycle, in addition to atypically starting with an interest rate in the negative area, is unprecedented in terms of speed and magnitude. The ECB raised one of its main rates, the deposit facility rate, by 450 basis points in 16 months to a historical high of 4% in October 2023 from -0.5% (see Figure 1).

In the latest #ESMLunchTalk Moritz Schularick and ESM Chief Economist Rolf Strauch discuss:

Title: Collateral pledgeability and asset manager portfolio choices during redemption waves

This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the “dash-for-cash” episode of 2020
 

Safe assets rank as the most assured and reliable securities, commanding the highest credit ratings, and are a key component in a well-functioning capital market. Safe assets are critical for economies and their existence is especially welcomed in capital markets in times of market stress or uncertainty.

Nicoletta Mascher, Head of Financial Sector and Market Analysis Division of the ESM, delivered a presentation at Zinsforum Digital 2023.