๐๐ผ๐ ๐ฐ๐ฎ๐ป ๐๐๐ฟ๐ผ๐ฝ๐ฒ ๐๐๐ฟ๐ฒ๐ป๐ด๐๐ต๐ฒ๐ป ๐๐ต๐ฒ ๐ด๐น๐ผ๐ฏ๐ฎ๐น ๐ฟ๐ผ๐น๐ฒ ๐ผ๐ณ ๐ถ๐๐ ๐๐ฎ๐ณ๐ฒ ๐ฎ๐๐๐ฒ๐๐?
In his opening remarks at the 12 International Conference on Sovereign Bond Markets, ESM Managing Director @pierregramegna argued that Europe has an opportunity to strengthen the role of euro-denominated safe assets in the global financial system.
Despite recent turbulence driven by inflation, tighter monetary policy and geopolitical shocks, euro area sovereign bond markets have shown resilience. This reflects stronger institutions; better policy coordination and the credibility Europe has built over the past decade.
He also highlighted that a further priority is digital finance. Modern infrastructure - including progress on the digital euro, wholesale central bank digital currency, and digital bonds - can make Europeโs financial system more efficient, resilient, and internationally attractive.
#ESMeuro
๐๐ผ๐ ๐ฑ๐ผ๐ฒ๐ ๐จ๐ฆ ๐ง๐ฟ๐ฒ๐ฎ๐๐๐ฟ๐ ๐๐๐ฝ๐ฝ๐น๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐ ๐๐๐ฟ๐ผ๐ฝ๐ฒ๐ฎ๐ป ๐ฏ๐ผ๐ป๐ฑ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐๐?
The global bond market is closely connected, and developments in the United States often have effects far beyond its borders.
In a new European Stability Mechanism blog titled โ๐๐ฆ๐ด๐ด ๐ด๐ฑ๐ฆ๐ค๐ช๐ข๐ญ, ๐ญ๐ฆ๐ด๐ด ๐ค๐ฐ๐ฏ๐ต๐ข๐จ๐ช๐ฐ๐ถ๐ด? ๐๐ ๐๐ณ๐ฆ๐ข๐ด๐ถ๐ณ๐บ ๐ด๐ถ๐ฑ๐ฑ๐ญ๐บ ๐ด๐ฑ๐ช๐ญ๐ญ๐ฐ๐ท๐ฆ๐ณ๐ด ๐ต๐ฐ ๐๐ถ๐ฏ๐ฅ ๐บ๐ช๐ฆ๐ญ๐ฅ๐ดโ, authors Antoine Cornevin and Jemima Peppel-Srebrny examine how US debt issuance affects German Bund yields and what this means for euro area markets.
The analysis shows that spillovers from US Treasury supply increases to German bond yields are significant. But when the appeal of US Treasuries as the worldโs crucial safe asset declines, spillovers to Bund yields weaken โ and the euro area may be more insulated from the effects of US Treasury issuance. This would afford the euro area greater fiscal and financial autonomy.
But there are important caveats, discussed in the blog: https://t.co/jwtRZcAAYG
#ESMeuro #ESMblog
With inflation expected to be at 3% above the #ECB target , and Eurozone growth forecast at 0.9% instead of 1.2% because of Middle East conflict , the economy remains resilient and in positive territory . No reason to speak of stagflation at this juncture. PG @ESM_Press#euro
๐๐ผ๐ ๐ฟ๐ฒ๐๐ถ๐น๐ถ๐ฒ๐ป๐ ๐ถ๐ ๐๐๐ฝ๐ฟ๐๐ ๐ถ๐ป ๐๐ผ๐ฑ๐ฎ๐โ๐ ๐ฒ๐ป๐ฒ๐ฟ๐ด๐ ๐๐ต๐ผ๐ฐ๐ธ?
In an interview with @seitanidis for @politis_news newspaper, ESM Managing Director @pierregramegna speaks about the risks smaller, open economies face as the conflict in the Middle East drives higher energy prices and adds uncertainty to the economic outlook.
๐๏ธ The key point: ๐๐บ๐ฑ๐ณ๐ถ๐ด ๐ช๐ด ๐ฆ๐ฏ๐ต๐ฆ๐ณ๐ช๐ฏ๐จ ๐ต๐ฉ๐ช๐ด ๐ฑ๐ฆ๐ณ๐ช๐ฐ๐ฅ ๐ง๐ณ๐ฐ๐ฎ ๐ข ๐ด๐ต๐ณ๐ฐ๐ฏ๐จ๐ฆ๐ณ ๐ฑ๐ฐ๐ด๐ช๐ต๐ช๐ฐ๐ฏ: with budget ๐๐๐ฟ๐ฝ๐น๐๐๐ฒ๐, rapidly ๐ฑ๐ฒ๐ฐ๐น๐ถ๐ป๐ถ๐ป๐ด public debt, and a ๐บ๐ผ๐ฟ๐ฒ ๐ฟ๐ฒ๐๐ถ๐น๐ถ๐ฒ๐ป๐ banking sector.
At the same time, vulnerabilities remain. Energy dependence and potential spillovers to costs, inflation and tourism mean policies should stay prudent and well targeted, while continuing to reduce energy vulnerability over time.
๐ฃ๐ฟ๐ฒ๐๐ฒ๐ฟ๐๐ถ๐ป๐ด ๐ฝ๐ฎ๐๐ ๐ฎ๐ฐ๐ต๐ถ๐ฒ๐๐ฒ๐บ๐ฒ๐ป๐๐, especially in financial-sector resilience, will be essential as challenges rise.
๐ฐ Read the interview:
English: https://t.co/JTfe7oF3LL
Greek: https://t.co/qZvU6tqyKF
#ESMeuro
Excellent discussion on digital finance in Ecofin in Cyprus with participation of ECB President @christinelagarde , President of EP Econ committee @AuroreLalucq and new #EBA chair Francois-Louis Michaud. Europe must smartly embrace innovation in digital payment. PG @ESM_Press
๐๐ ๐๐๐ฟ๐ผ๐ฝ๐ฒโ๐ ๐ฒ๐ ๐ฝ๐ผ๐ฟ๐ ๐บ๐ผ๐ฑ๐ฒ๐น ๐๐๐ถ๐น๐น ๐ณ๐ถ๐ ๐ณ๐ผ๐ฟ ๐๐ผ๐ฑ๐ฎ๐โ๐ ๐๐ผ๐ฟ๐น๐ฑ?
ESM Managing Director @pierregramegna gave a presentation at todayโs Informal Ecofin meeting in Cyprus, making a clear point: ๐๐๐ฟ๐ผ๐ฝ๐ฒ ๐ถ๐ ๐ฎ๐ ๐ฎ ๐๐๐ฟ๐ป๐ถ๐ป๐ด ๐ฝ๐ผ๐ถ๐ป๐.
Reforms and a supportive global environment strengthened EUโs external position after the sovereign debt crisis. But recent shocks, ranging from energy prices to geopolitical fragmentation, have exposed deeper weaknesses.
Productivity growth has been weak for years, and Europeโs traditional advantages, including relatively cheaper energy, are fading.
The result: ๐ฟ๐ถ๐๐ถ๐ป๐ด ๐ฐ๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐๐ถ๐ผ๐ป and a ๐น๐ผ๐๐ ๐ผ๐ณ ๐ฒ๐ ๐ฝ๐ผ๐ฟ๐ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ต๐ฎ๐ฟ๐ฒ.
The priorities are clear:
๐น ๐ฏ๐ผ๐ผ๐๐ ๐ฝ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐ถ๐๐ถ๐๐ ๐๐ต๐ฟ๐ผ๐๐ด๐ต ๐ถ๐ป๐ป๐ผ๐๐ฎ๐๐ถ๐ผ๐ป
๐น ๐ฟ๐ฒ๐ฑ๐ถ๐ฟ๐ฒ๐ฐ๐ ๐ฟ๐ฒ๐๐ผ๐๐ฟ๐ฐ๐ฒ๐ ๐๐ผ ๐๐ฒ๐ฐ๐๐ผ๐ฟ๐ ๐๐ต๐ฒ๐ฟ๐ฒ ๐๐๐ฟ๐ผ๐ฝ๐ฒ ๐ฐ๐ฎ๐ป ๐ฐ๐ผ๐บ๐ฝ๐ฒ๐๐ฒ ๐ด๐น๐ผ๐ฏ๐ฎ๐น๐น๐
This requires unlocking more private investment, which is the key gap compared with our peers.
In a more fragmented world, the cost of inaction is high.
But with the right choices, Europe can turn this moment into an opportunity.
Read his speaking notes and access the full presentation: https://t.co/wvqNG3FVR6
#ESMeuro
At todayโs #Eurogroup press conference in Nicosia, Cyprus, ESM Managing Director @pierregramegna a shared reflections on the euro areaโs macroeconomic outlook.
Economic growth is expected to slow down and inflation to edge up. Within a challenging landscape, Europe needs to boost productivity and competitiveness. The cost of inaction would be very high. What we need now is more Europe, not less.ย
He also highlighted that Bulgaria reached a significant milestone, with its National Assembly ratifying both the founding and amended treaties, bringing the country into the final phase of joining the ESM.ย
๐Read his full remarks:
https://t.co/0Z92vog9iV
#ESMeuro
๐ We celebrate the resilience of Europe ๐ช๐บ
A resilience aligned with the ESM values that we see come to life everyday: ๐ด๐ต๐ณ๐ฆ๐ฏ๐จ๐ต๐ฉ๐ฆ๐ฏ๐ช๐ฏ๐จ ๐๐ถ๐ณ๐ฐ๐ฑ๐ฆ, ๐ต๐ฆ๐ข๐ฎ๐ช๐ฏ๐จ ๐ถ๐ฑ ๐ง๐ฐ๐ณ ๐ฆ๐น๐ค๐ฆ๐ญ๐ญ๐ฆ๐ฏ๐ค๐ฆ, and ๐ข๐ค๐ต๐ช๐ฏ๐จ ๐ธ๐ช๐ต๐ฉ ๐ช๐ฏ๐ต๐ฆ๐จ๐ณ๐ช๐ต๐บ.
We captured this spirit in a video during Europe Day at Wiltz Castle, where institutions and citizens came together in a real spirit of ๐ผ๐ฝ๐ฒ๐ป๐ป๐ฒ๐๐, ๐ฐ๐ผ๐ผ๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป, and ๐ฐ๐ผ๐บ๐บ๐๐ป๐ถ๐๐.
Moments like these remind us that Europe is ๐ฎ ๐๐ต๐ฎ๐ฟ๐ฒ๐ฑ ๐ฝ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐, and that its strength comes from ๐๐ผ๐ฟ๐ธ๐ถ๐ป๐ด ๐๐ผ๐ด๐ฒ๐๐ต๐ฒ๐ฟ.
๐ฅ Watch the highlights below ๐
Today marks another important milestone in Bulgariaโs path towards ESM membership.
A large majority in the Bulgarian National Assembly voted in favour of the ESM Treaties.
I look forward to welcoming Bulgaria as the ESMโs 21st Member in the coming weeks!
@ESM_Press
๐๐ผ๐ ๐ฐ๐ฎ๐ป ๐๐๐ฟ๐ผ๐ฝ๐ฒ ๐ฏ๐๐ถ๐น๐ฑ ๐ฎ ๐๐ฎ๐ณ๐ฒ ๐ฝ๐ฎ๐๐ต ๐ณ๐ผ๐ฟ ๐๐ผ๐ธ๐ฒ๐ป๐ถ๐๐ฒ๐ฑ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ฒ?
๐ง๐ผ๐ธ๐ฒ๐ป๐ถ๐๐ฒ๐ฑ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ฒ is evolving rapidly and could bring important benefits, from greater efficiency and wider financial inclusion to deeper capital market integration. But innovation also comes with risks that need to be managed carefully.
For Europe, it is crucial to embrace this technological revolution to bolster its strategic autonomy and competitiveness
In a new ESM blog titled "Innovation, risk and trust: building a safe path for tokenised finance in Europe", authors Gong Cheng, Stefano Finesi, and Nicoletta Silvia Mascher look at how Europe can strike the ๐ฟ๐ถ๐ด๐ต๐ ๐ฏ๐ฎ๐น๐ฎ๐ป๐ฐ๐ฒ ๐ฏ๐ฒ๐๐๐ฒ๐ฒ๐ป ๐ถ๐ป๐ป๐ผ๐๐ฎ๐๐ถ๐ผ๐ป ๐ฎ๐ป๐ฑ ๐๐๐ฎ๐ฏ๐ถ๐น๐ถ๐๐.
Europe enters this transition with important advantages, first and foremost trust in a strong and well-functioning monetary system.
Building on that trust will be key to ensuring innovation moves forward without compromising financial stability.
The blog proposes ๐๐ต๐ฟ๐ฒ๐ฒ ๐บ๐ฎ๐ถ๐ป ๐๐ฟ๐ฎ๐ฐ๐ธ๐ for continued action:
1๏ธโฃ ๐ฅ๐ฒ๐ด๐๐น๐ฎ๐๐ถ๐ผ๐ป: steer regulatory choices to create positive incentives for scalable innovation and account for the borderless nature of tokenised finance;
2๏ธโฃ ๐๐ป๐ณ๐ฟ๐ฎ๐๐๐ฟ๐๐ฐ๐๐๐ฟ๐ฒ: invest further in European infrastructure to improve interoperability and maximise network effects;
3๏ธโฃ ๐๐ฟ๐ถ๐๐ถ๐ ๐บ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐ ๐ฎ๐ฟ๐ฐ๐ต๐ถ๐๐ฒ๐ฐ๐๐๐ฟ๐ฒ: think ahead and prepare a smart crisis management framework for a tokenised financial ecosystem.
A well-designed framework can help unlock the potential of tokenised finance while keeping risks in check and safeguarding confidence in the system.
๐ Read the blog: https://t.co/60IvIU21Ve
๐๐ข๐ฏ๐ต ๐ต๐ฐ ๐ฆ๐น๐ฑ๐ญ๐ฐ๐ณ๐ฆ ๐ต๐ฉ๐ฆ๐ด๐ฆ ๐ต๐ฐ๐ฑ๐ช๐ค๐ด ๐ง๐ถ๐ณ๐ต๐ฉ๐ฆ๐ณ?
๐ Check out the new ๐๐ฆ๐ ๐ฑ๐ถ๐๐ฐ๐๐๐๐ถ๐ผ๐ป ๐ฝ๐ฎ๐ฝ๐ฒ๐ฟ by Gong Cheng and Stefano Finesi, "๐๐ถ๐ณ๐ฐ๐ฑ๐ฆ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐จ๐ญ๐ฐ๐ฃ๐ข๐ญ ๐ด๐ต๐ข๐ฃ๐ญ๐ฆ๐ค๐ฐ๐ช๐ฏ ๐ฅ๐ฆ๐ฃ๐ข๐ต๐ฆ: ๐ณ๐ช๐ด๐ฌ๐ด ๐ข๐ฏ๐ฅ ๐ฐ๐ฑ๐ฑ๐ฐ๐ณ๐ต๐ถ๐ฏ๐ช๐ต๐ช๐ฆ๐ด": https://t.co/YaADdMT4rv
#ESMeuro
The benefits of financial stability extend beyond the borders of the ESM . Very useful exchange of views with the new @USEmbLuxembourg Ambassador Stacey Feinberg at ESM headquarters. PG @ESM_Press
ESM MD @pierregramegna welcomed @USEmbLuxembourg Ambassador Stacey Feinberg at the ESM today. Discussions focused on the ESMโs role and the importance of ensuring financial stability in the current geopolitical landscape.
#ESMeuro
Congratulations Mario Draghi for the #Karlspreis2026 . Your contributions to a stronger EU and the consolidation of the #Euro are manyfold. The report that bears your name contains the recommendations for the future : unity, competitiveness and solidarity. Grazie ! PG @ESM_Press
๐จ๐ป๐ถ๐๐ ๐บ๐ฎ๐ธ๐ฒ๐ ๐๐๐ฟ๐ฒ๐ป๐ด๐๐ต.
Today in Sofia, Yana Djoneva, ESM's Chief Operating Officer, joined a fireside chat with Monika Varbanova at Capitalโs Money Growth conference to discuss financial stability in the euro area and the role of the ESM.
As Bulgaria marks its first months in the euro area, euro adoption is already shaping confidence, stability, and integration. Being part of this common framework matters more than ever, especially in a more volatile global environment.
The ESM is a key pillar of that framework, as a financial safety net designed to help euro area countries avoid and overcome crises.
In times of geopolitical uncertainty and market volatility, credible common instruments help ensure that Europe can absorb shocks and safeguard stability for countries, markets, and citizens alike.
Yana Djoneva was also interviewed by Spas Stambolski from the Bulgarian News Agency (BTA) on Bulgariaโs accession to the euro area, its participation in the ESM, and broader challenges to financial stability in Europe.
๐Read the full interview: https://t.co/3NAVphtJK9
๐Read the Bulgarian version: https://t.co/e0lQKTk7pe
#ESMeuro
Nurturing the dialogue with parliaments of ESM members is precious as was the exchange of views with the National Council of the Slovak Republic delegation accompanied by @Palus_Peter Slovakiaโs director at ESM Board of Directors. PG
@ESM_Press
Today ESM MD @pierregramegna, Secretary General Nicola Giammarioli, and other ESM delegates warmly welcomed @Palus_Peter, Slovakia's Director at the ESM Board of Directors, and members of the National Council of the Slovak Republic at the ESM headquarters. They discussed Europe's current challenging environment and the role the ESM can play within it.
#ESMeuro
๐๐ป ๐ฎ ๐บ๐ผ๐ฟ๐ฒ ๐๐ป๐ฐ๐ฒ๐ฟ๐๐ฎ๐ถ๐ป ๐๐ผ๐ฟ๐น๐ฑ, ๐ฝ๐ฟ๐ฒ๐ฝ๐ฎ๐ฟ๐ฒ๐ฑ๐ป๐ฒ๐๐ ๐บ๐ฎ๐๐๐ฒ๐ฟ๐.
ESM Chief Operating Officer Yana Djoneva was interviewed by Nickolay Stoyanov from Bulgaria's Capital newspaper to discuss the euro areaโs resilience, the energy shock, and the role of the ESM as a credible financial safety net that is ready to act if needed.
Amid ongoing conflicts and a more fragmented global landscape, it is important to have strong and credible common instruments in place.
The euro area is in a stronger position than in the past, supported by more robust institutions and a better-prepared financial system.
๐ Read the full interview: https://t.co/zpDtUOm2lD
#ESMeuro
ESM MD @pierregramegna met with Director of STATEC, Tom Haas, and his predecessor, Serge Alegrezza, today at the STATEC facilities in Esch-Belval to explore possible cooperation among experts of both institutions.
#ESMeuro