ESM

The ESM is the crisis resolution mechanism for euro area countries. Follow us here for EFSF tweets as well. #ESMeuro

[ESM @ESM_Press]

𝗛𝗼𝘄 𝗰𝗮𝗻 𝗘𝘂𝗿𝗼𝗽𝗲 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻 𝘁𝗵𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗿𝗼𝗹𝗲 𝗼𝗳 𝗶𝘁𝘀 𝘀𝗮𝗳𝗲 𝗮𝘀𝘀𝗲𝘁𝘀?

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 Europe’s financial system more efficient, resilient, and internationally attractive.

#ESMeuro

[ESM @ESM_Press]

𝗛𝗼𝘄 𝗱𝗼𝗲𝘀 𝗨𝗦 𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝘆 𝘀𝘂𝗽𝗽𝗹𝘆 𝗮𝗳𝗳𝗲𝗰𝘁 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗯𝗼𝗻𝗱 𝗺𝗮𝗿𝗸𝗲𝘁𝘀?

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 “𝘓𝘦𝘴𝘴 𝘴𝘱𝘦𝘤𝘪𝘢𝘭, 𝘭𝘦𝘴𝘴 𝘤𝘰𝘯𝘵𝘢𝘨𝘪𝘰𝘶𝘴? 𝘜𝘚 𝘛𝘳𝘦𝘢𝘴𝘶𝘳𝘺 𝘴𝘶𝘱𝘱𝘭𝘺 𝘴𝘱𝘪𝘭𝘭𝘰𝘷𝘦𝘳𝘴 𝘵𝘰 𝘉𝘶𝘯𝘥 𝘺𝘪𝘦𝘭𝘥𝘴”, 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 world’s crucial safe asset declines, spillovers to Bund yields weaken – 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

[ESM @ESM_Press]

ESM raises €2 billion with sale of 5-year bond. Press release: https://t.co/a79reMachF

[Pierre Gramegna @pierregramegna]

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

[ESM @ESM_Press]

𝗛𝗼𝘄 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁 𝗶𝘀 𝗖𝘆𝗽𝗿𝘂𝘀 𝗶𝗻 𝘁𝗼𝗱𝗮𝘆’𝘀 𝗲𝗻𝗲𝗿𝗴𝘆 𝘀𝗵𝗼𝗰𝗸?

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.

🗝️ The key point: 𝘊𝘺𝘱𝘳𝘶𝘴 𝘪𝘴 𝘦𝘯𝘵𝘦𝘳𝘪𝘯𝘨 𝘵𝘩𝘪𝘴 𝘱𝘦𝘳𝘪𝘰𝘥 𝘧𝘳𝘰𝘮 𝘢 𝘴𝘵𝘳𝘰𝘯𝘨𝘦𝘳 𝘱𝘰𝘴𝘪𝘵𝘪𝘰𝘯: with budget 𝘀𝘂𝗿𝗽𝗹𝘂𝘀𝗲𝘀, rapidly 𝗱𝗲𝗰𝗹𝗶𝗻𝗶𝗻𝗴 public debt, and a 𝗺𝗼𝗿𝗲 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁 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.

𝗣𝗿𝗲𝘀𝗲𝗿𝘃𝗶𝗻𝗴 𝗽𝗮𝘀𝘁 𝗮𝗰𝗵𝗶𝗲𝘃𝗲𝗺𝗲𝗻𝘁𝘀, especially in financial-sector resilience, will be essential as challenges rise.

📰 Read the interview:

English: https://t.co/JTfe7oF3LL
Greek: https://t.co/qZvU6tqyKF

#ESMeuro

[Pierre Gramegna @pierregramegna]

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

[ESM @ESM_Press]

𝗜𝘀 𝗘𝘂𝗿𝗼𝗽𝗲’𝘀 𝗲𝘅𝗽𝗼𝗿𝘁 𝗺𝗼𝗱𝗲𝗹 𝘀𝘁𝗶𝗹𝗹 𝗳𝗶𝘁 𝗳𝗼𝗿 𝘁𝗼𝗱𝗮𝘆’𝘀 𝘄𝗼𝗿𝗹𝗱?

ESM Managing Director @pierregramegna gave a presentation at today’s Informal Ecofin meeting in Cyprus, making a clear point: 𝗘𝘂𝗿𝗼𝗽𝗲 𝗶𝘀 𝗮𝘁 𝗮 𝘁𝘂𝗿𝗻𝗶𝗻𝗴 𝗽𝗼𝗶𝗻𝘁.

Reforms and a supportive global environment strengthened EU’s 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 Europe’s traditional advantages, including relatively cheaper energy, are fading.

The result: 𝗿𝗶𝘀𝗶𝗻𝗴 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻 and a 𝗹𝗼𝘀𝘀 𝗼𝗳 𝗲𝘅𝗽𝗼𝗿𝘁 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗵𝗮𝗿𝗲.

The priorities are clear:
🔹 𝗯𝗼𝗼𝘀𝘁 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻
🔹 𝗿𝗲𝗱𝗶𝗿𝗲𝗰𝘁 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝘁𝗼 𝘀𝗲𝗰𝘁𝗼𝗿𝘀 𝘄𝗵𝗲𝗿𝗲 𝗘𝘂𝗿𝗼𝗽𝗲 𝗰𝗮𝗻 𝗰𝗼𝗺𝗽𝗲𝘁𝗲 𝗴𝗹𝗼𝗯𝗮𝗹𝗹𝘆

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

[ESM @ESM_Press]

At today’s #Eurogroup press conference in Nicosia, Cyprus, ESM Managing Director @pierregramegna a shared reflections on the euro area’s 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. 

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. 

🔗Read his full remarks:
https://t.co/0Z92vog9iV

#ESMeuro

[ESM @ESM_Press]

🎉 We celebrate the resilience of Europe 🇪🇺

A resilience aligned with the ESM values that we see come to life everyday: 𝘴𝘵𝘳𝘦𝘯𝘨𝘵𝘩𝘦𝘯𝘪𝘯𝘨 𝘌𝘶𝘳𝘰𝘱𝘦, 𝘵𝘦𝘢𝘮𝘪𝘯𝘨 𝘶𝘱 𝘧𝘰𝘳 𝘦𝘹𝘤𝘦𝘭𝘭𝘦𝘯𝘤𝘦, and 𝘢𝘤𝘵𝘪𝘯𝘨 𝘸𝘪𝘵𝘩 𝘪𝘯𝘵𝘦𝘨𝘳𝘪𝘵𝘺.

We captured this spirit in a video during Europe Day at Wiltz Castle, where institutions and citizens came together in a real spirit of 𝗼𝗽𝗲𝗻𝗻𝗲𝘀𝘀, 𝗰𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻, and 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆.

Moments like these remind us that Europe is 𝗮 𝘀𝗵𝗮𝗿𝗲𝗱 𝗽𝗿𝗼𝗷𝗲𝗰𝘁, and that its strength comes from 𝘄𝗼𝗿𝗸𝗶𝗻𝗴 𝘁𝗼𝗴𝗲𝘁𝗵𝗲𝗿.

🎥 Watch the highlights below 👇

[Pierre Gramegna @pierregramegna]

Today marks another important milestone in Bulgaria’s 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 ESM’s 21st Member in the coming weeks!

@ESM_Press

[ESM @ESM_Press]

𝗛𝗼𝘄 𝗰𝗮𝗻 𝗘𝘂𝗿𝗼𝗽𝗲 𝗯𝘂𝗶𝗹𝗱 𝗮 𝘀𝗮𝗳𝗲 𝗽𝗮𝘁𝗵 𝗳𝗼𝗿 𝘁𝗼𝗸𝗲𝗻𝗶𝘀𝗲𝗱 𝗳𝗶𝗻𝗮𝗻𝗰𝗲?

𝗧𝗼𝗸𝗲𝗻𝗶𝘀𝗲𝗱 𝗳𝗶𝗻𝗮𝗻𝗰𝗲 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 𝗿𝗶𝗴𝗵𝘁 𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝘀𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆.

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 𝘁𝗵𝗿𝗲𝗲 𝗺𝗮𝗶𝗻 𝘁𝗿𝗮𝗰𝗸𝘀 for continued action:

1️⃣ 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻: steer regulatory choices to create positive incentives for scalable innovation and account for the borderless nature of tokenised finance;
2️⃣ 𝗜𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲: invest further in European infrastructure to improve interoperability and maximise network effects;
3️⃣ 𝗖𝗿𝗶𝘀𝗶𝘀 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗮𝗿𝗰𝗵𝗶𝘁𝗲𝗰𝘁𝘂𝗿𝗲: 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.

👉 Read the blog: https://t.co/60IvIU21Ve

𝘞𝘢𝘯𝘵 𝘵𝘰 𝘦𝘹𝘱𝘭𝘰𝘳𝘦 𝘵𝘩𝘦𝘴𝘦 𝘵𝘰𝘱𝘪𝘤𝘴 𝘧𝘶𝘳𝘵𝘩𝘦𝘳?

👉 Check out the new 𝗘𝗦𝗠 𝗱𝗶𝘀𝗰𝘂𝘀𝘀𝗶𝗼𝗻 𝗽𝗮𝗽𝗲𝗿 by Gong Cheng and Stefano Finesi, "𝘌𝘶𝘳𝘰𝘱𝘦 𝘪𝘯 𝘵𝘩𝘦 𝘨𝘭𝘰𝘣𝘢𝘭 𝘴𝘵𝘢𝘣𝘭𝘦𝘤𝘰𝘪𝘯 𝘥𝘦𝘣𝘢𝘵𝘦: 𝘳𝘪𝘴𝘬𝘴 𝘢𝘯𝘥 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴": https://t.co/YaADdMT4rv

#ESMeuro

[Pierre Gramegna @pierregramegna]

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 @ESM_Press]

ESM MD @pierregramegna welcomed @USEmbLuxembourg Ambassador Stacey Feinberg at the ESM today. Discussions focused on the ESM’s role and the importance of ensuring financial stability in the current geopolitical landscape.

#ESMeuro

[Pierre Gramegna @pierregramegna]

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

[ESM @ESM_Press]

𝗨𝗻𝗶𝘁𝘆 𝗺𝗮𝗸𝗲𝘀 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵.

Today in Sofia, Yana Djoneva, ESM's Chief Operating Officer, joined a fireside chat with Monika Varbanova at Capital’s 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 Bulgaria’s accession to the euro area, its participation in the ESM, and broader challenges to financial stability in Europe.

🔗Read the full interview: https://t.co/3NAVphtJK9
👉Read the Bulgarian version: https://t.co/e0lQKTk7pe

#ESMeuro

[Pierre Gramegna @pierregramegna]

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 Slovakia’s director at ESM Board of Directors. PG
@ESM_Press

[ESM @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

[ESM @ESM_Press]

𝗜𝗻 𝗮 𝗺𝗼𝗿𝗲 𝘂𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻 𝘄𝗼𝗿𝗹𝗱, 𝗽𝗿𝗲𝗽𝗮𝗿𝗲𝗱𝗻𝗲𝘀𝘀 𝗺𝗮𝘁𝘁𝗲𝗿𝘀.

ESM Chief Operating Officer Yana Djoneva was interviewed by Nickolay Stoyanov from Bulgaria's Capital newspaper to discuss the euro area’s 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.

🔗 Read the full interview: https://t.co/zpDtUOm2lD

#ESMeuro

[ESM @ESM_Press]

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