ESM

Today’s #Eurogroup discusses macroeconomic and fiscal developments in the euro area, advances in the digital euro and wholesale payment systems, and the latest developments in banking union. Ministers also exchange views on defence financing and how to maximise its economic impact.

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𝗛𝗼𝘄 𝗱𝗼 𝘄𝗲 𝗶𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲 𝘀𝗹𝗼𝘄𝗻𝗲𝘀𝘀 𝗶𝗻𝘁𝗼 𝗰𝗿𝗶𝘀𝗶𝘀 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗮𝗺𝗶𝗱 𝘁𝗵𝗲 𝗼𝘃𝗲𝗿𝘄𝗵𝗲𝗹𝗺𝗶𝗻𝗴 𝘀𝗽𝗲𝗲𝗱 𝗼𝗳 𝗔𝗜?

This was one of ESM MD Director Pierre Gramegna reflections as he opened this week the ESM-EUI Crisis Communication workshop - 𝘞𝘩𝘦𝘯 𝘊𝘳𝘪𝘴𝘪𝘴 𝘔𝘦𝘦𝘵𝘴 𝘈𝘐: 𝘊𝘰𝘮𝘮𝘶𝘯𝘪𝘤𝘢𝘵𝘪𝘯𝘨 𝘜𝘯𝘥𝘦𝘳 𝘗𝘳𝘦𝘴𝘴𝘶𝘳𝘦 𝘪𝘯 𝘵𝘩𝘦 𝘈𝘨𝘦 𝘰𝘧 𝘈𝘭𝘨𝘰𝘳𝘪𝘵𝘩𝘮𝘴 - with this poignant question and increasingly relevant question.

It is clear that crisis preparedness entails much more than sound policies and proper procedures. Building on an existing Partnership Agreement with the European University Institute, Florence School of Transnational Governance, this workshop brought institutional, private sector, as well as academic practitioners together to exchange experiences, explore real-world scenarios, and strengthen our ability to communicate clearly 𝘸𝘩𝘦𝘯 𝘪𝘵 𝘮𝘢𝘵𝘵𝘦𝘳𝘴.

Thank you to everyone that participated in the highly insightful two-day worship.

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𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗶𝘀 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 𝗺𝗮𝗿𝗸𝗲𝘁𝘀. 𝗕𝘂𝘁 𝘁𝗿𝘂𝘀𝘁 𝘀𝗵𝗼𝘂𝗹𝗱 𝗿𝗲𝗺𝗮𝗶𝗻 𝘁𝗵𝗲 𝗳𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗲𝘃𝗲𝗿𝘆 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻.

In an opinion piece, ESM Managing Director @pierregramegna argues that Europe's ambitions to deepen capital markets and mobilise investment must be matched by secure and efficient financial infrastructure that is fit for the digital age.

Last week, the ESM became the first European supranational issuer to launch a digitally native bond settled through the Eurosystem's Pontes platform, combining digital innovation with the legal certainty and market practices investors rely on.

As Europe builds the next generation of financial infrastructure, innovation and trust must go hand in hand.

🔗 Read the full article: ow.ly/2FrB5102YFk

(The oped was published in @boersenzeitung, @elconfidencial, @sole24ore, @Kathimerini_gr, and @JNegocios.)

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𝗧𝗵𝗲 𝗘𝗙𝗦𝗙 𝗵𝗮𝘀 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝗱 𝗮𝗻 𝘂𝗽𝗳𝗿𝗼𝗻𝘁 𝘄𝗮𝗶𝘃𝗲𝗿 𝗳𝗮𝗰𝗶𝗹𝗶𝘁𝗮𝘁𝗶𝗻𝗴 𝗣𝗼𝗿𝘁𝘂𝗴𝗮𝗹’𝘀 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗲𝗮𝗿𝗹𝘆 𝗿𝗲𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗼𝗳 𝗘𝗨 𝗹𝗼𝗮𝗻𝘀 𝘂𝗻𝗱𝗲𝗿 𝘁𝗵𝗲 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝗠𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺 (𝗘𝗙𝗦𝗠): 𝘂𝗽 𝘁𝗼 €𝟮.𝟰 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗼𝗳 𝟮𝟬𝟮𝟲 𝗮𝗻𝗱 𝘂𝗽 𝘁𝗼 𝗮 𝗳𝘂𝗿𝘁𝗵𝗲𝗿 €𝟮.𝟲 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗼𝗳 𝟮𝟬𝟮𝟳.

Normally, early repayment of EFSM loans requires Portugal to repay a proportional amount of its EFSF loans. Today’s approval authorizes the EFSF CEO to grant waivers from this obligation, allowing Portugal’s EFSF repayments to remain on their existing schedule.

These additional EFSM repayments could generate budgetary savings, smooth Portugal’s debt structure and send a positive signal to financial markets.

🔗Read the press release: esm.europa.eu/press-releases…

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ESM raised €1 billion today with a long 3-year bond transaction.

This is the ESM’s first-ever digitally native bond and will be settled through the Eurosystem’s Pontes platform.

Press release: esm.europa.eu/press-releases…

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