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The eighth High-level Regional Financing Arrangements (RFAs) Dialogue was held on 10 October 2023 in Marrakesh. Amidst a precarious global economic recovery, the discussion focused on how crisis fighters can contribute to macroeconomic and financial stability in a more shock-prone world and the role of IMF-RFA collaboration therein. Following the devastating earthquake in Morocco on 8 September, participants expressed their solidarity with the Moroccan authorities and people extending their deepest sympathies to all those affected.

The eighth High-level Regional Financing Arrangements (RFAs) Dialogue was held on 10 October 2023 in Marrakesh. Amidst a precarious global economic recovery, the discussion focused on how crisis fighters can contribute to macroeconomic and financial stability in a more shock-prone world and the role of IMF-RFA collaboration therein. Following the devastating earthquake in Morocco on 8 September, participants expressed their solidarity with the Moroccan authorities and people extending their deepest sympathies to all those affected.

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Royal Highnesses,
Excellencies,
Ladies and gentlemen,

The euro area economy enters the current cycle of higher interest rates with relatively moderate levels of financial imbalances. Policy-makers have applied the lessons learned during the global financial crisis and the ensuing policy measures.

On economic outlook:

“If there’s one lesson to be learned at this stage it’s that it’s not advisable to believe that a favourable relationship between growth and interest rates would allow you to run fiscal policy with high debt levels.”

(Luxembourg) - The European Financial Stability Facility (EFSF) raised €4 billion on Wednesday in a dual-tranche transaction and completed its €20 billion funding programme for 2023. 

The EFSF raised €2.5 billion in a new long 5-year 3.50% bond, maturing on 11 April 2029. The spread was fixed at mid-swaps plus 7 basis points, for a reoffer yield of 3.55%. The order book was €5.3 billion, including joint lead manager interest of €250 million.

The European Financial Stability Facility (EFSF) raised €4 billion on Wednesday in a dual-tranche transaction and completed its €20 billion funding programme for 2023. 

The EFSF raised €2.5 billion in a new long 5-year 3.50% bond, maturing on 11 April 2029. The spread was fixed at mid-swaps plus 7 basis points, for a reoffer yield of 3.55%. The order book was €5.3 billion, including joint lead manager interest of €250 million.