Anabela Reis

Deputy Head of Communications/Deputy Spokesperson @ESM_Press, ex-Bloomberg News in Lisbon.

[ESM @ESM_Press]

𝗛𝗼𝘄 𝗰𝗮𝗻 𝗲𝘂𝗿𝗼 𝗮𝗿𝗲𝗮 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗰𝗼𝗺𝗲 𝘂𝗻𝗱𝗲𝗿 𝘀𝘁𝗿𝗮𝗶𝗻?

Openness and energy dependence leave the economy exposed to external shocks. Even after reducing reliance on Russian gas, Europe’s move to liquified natural gas (LNG) and its overall strong energy import dependency keeps it structurally exposed to disruptions in global energy markets, with varying degrees of vulnerability across euro area countries.

The ESM’s newly released flagship publication on macro-financial risks to the euro area economy, the 𝗘𝘂𝗿𝗼 𝗔𝗿𝗲𝗮 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗪𝗮𝘁𝗰𝗵, takes a closer look in Chapter 1 how prolonged geopolitical tensions and a possible re-escalation in the Middle East could push energy prices higher and keep uncertainty elevated.

𝗛𝗶𝗴𝗵𝗲𝗿 𝗲𝗻𝗲𝗿𝗴𝘆 𝗽𝗿𝗶𝗰𝗲𝘀 𝗰𝗼𝘂𝗽𝗹𝗲𝗱 𝘄𝗶𝘁𝗵 𝘂𝗻𝗰𝗲𝗿𝘁𝗮𝗶𝗻𝘁𝘆 𝗮𝗳𝗳𝗲𝗰𝘁 𝘁𝗵𝗲 𝗲𝗰𝗼𝗻𝗼𝗺𝘆 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝘀𝗲𝘃𝗲𝗿𝗮𝗹 𝗺𝘂𝘁𝘂𝗮𝗹𝗹𝘆 𝗿𝗲𝗶𝗻𝗳𝗼𝗿𝗰𝗶𝗻𝗴 𝗰𝗵𝗮𝗻𝗻𝗲𝗹𝘀:

🔹 Higher energy prices weaken real incomes and terms of trade,
🔹 If these feed into wage formation and price-setting dynamics, inflation could remain elevated for longer,
🔹 Uncertainty weighs on confidence and delays investment, and
🔹 Financial conditions tighten as risk appetite deteriorates.

📰 Read the related blog on Chapter 1: https://t.co/SNfjnldv9o
📑 Read the executive summary: https://t.co/MJITCnNHND
🔖 Bookmark this post to download the full report: https://t.co/F4hjvJ7IQK

#EASW #ESMeuro

[ESM @ESM_Press]

𝗖𝗮𝗻 𝘁𝗵𝗲 𝗲𝘂𝗿𝗼 𝗮𝗿𝗲𝗮 𝗿𝗲𝗺𝗮𝗶𝗻 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁 𝗮𝘀 𝗲𝘅𝘁𝗲𝗿𝗻𝗮𝗹 𝗿𝗶𝘀𝗸𝘀 𝗶𝗻𝘁𝗲𝗻𝘀𝗶𝗳𝘆 𝗮𝗻𝗱 𝗳𝗶𝘀𝗰𝗮𝗹 𝗯𝘂𝗳𝗳𝗲𝗿𝘀 𝗲𝗿𝗼𝗱𝗲?

In a new ESM Blog titled "Resilience under strain: The euro area is exposed to risks from Middle East conflict and US asset markets", ESM Chief Economist @r_strauch explores the findings of the Euro Area Stability Watch (EASW).

The euro area has proven resilient to past shocks, but rising threats to security, energy disruptions and financial market volatility are placing increasing strain on growth and public finances.

The blog highlights key vulnerabilities facing the euro area, including exposure to geopolitical tensions and energy supply disruptions, as well as close financial linkages with the United States.

The core message of the analysis is clear: as risks intensify, weaker growth and ever stronger demand for public support can make difficult policy choices unavoidable. Determined fiscal adjustments will be necessary to preserve the credibility of the European fiscal framework.

At the same time, the blog stresses that when room for manoeuvre is limited, the quality of policy choices becomes critical. Rebuilding fiscal buffers, spending efficiently, and advancing structural reforms will be as essential as ever to strengthen the euro area's resilience to future crises.

👉 Read the blog: https://t.co/2Cf4hqOzW3

#EASW #ESMeuro

[ESM @ESM_Press]

𝗧𝗵𝗲 𝗘𝘂𝗿𝗼 𝗔𝗿𝗲𝗮 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗪𝗮𝘁𝗰𝗵 𝗶𝘀 𝗻𝗼𝘄 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲.

Today, the European Stability Mechanism (ESM) launches the Euro Area Stability Watch, its new publication on euro area financial stability.

The report provides an annual assessment of macro-financial risks and sovereign vulnerabilities in the euro area, examining whether the region can sustain its resilience amid intensifying geopolitical tensions, growing external uncertainties, and diminishing fiscal buffers.

Among its key findings, the publication highlights:

• The growing risks posed by prolonged geopolitical tensions and a potential abrupt repricing of US assets.
• Vulnerabilities in parts of the financial system that could amplify the impact of future shocks.
• The importance of maintaining credible fiscal policies as financing conditions become more challenging.
• How well-designed defence spending can strengthen security while mitigating part of its long-term fiscal cost through stronger growth and innovation.

🔗 Press release: https://t.co/bPr8tufzrf
📘 Full report: https://t.co/92EWSwMEaP

[ESM @ESM_Press]

𝗖𝗮𝗻 𝗱𝗲𝗳𝗲𝗻𝗰𝗲 𝗶𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻 𝘁𝗵𝗲 𝘄𝗶𝗱𝗲𝗿 𝗲𝗰𝗼𝗻𝗼𝗺𝘆?

The upcoming ESM Euro Area Stability Watch examines the economic implications of rising defence expenditures in Europe.

The report highlights why the design of defence spending matters and how it can help strengthen both security and economic resilience across Europe.

📅 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗼𝗻 𝟲 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟲

[ESM @ESM_Press]

𝗛𝗼𝘄 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗲𝘂𝗿𝗼 𝗮𝗿𝗲𝗮 𝘄𝗵𝗲𝗻 𝗻𝗲𝘄 𝘀𝗵𝗼𝗰𝗸𝘀 𝗵𝗶𝘁?

The new 𝗘𝗦𝗠 𝗘𝘂𝗿𝗼 𝗔𝗿𝗲𝗮 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗪𝗮𝘁𝗰𝗵 report, out next week, will provide new analysis on this question.

The new ESM Euro Area Stability Watch report, out next week, will provide new analysis on this question.

The euro area has remained resilient through a series of recent crises, but that resilience is increasingly under strain. Rising geopolitical tensions, higher energy prices, and global financial market volatility could have significant effects on growth, inflation, and public finances.

The report examines how these risks could interact and how vulnerabilities in the financial system may amplify their impact. It also highlights the importance of policy credibility as fiscal space diminishes in many countries.

The full analysis and key findings will be available next week.

📅 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗼𝗻 𝟲 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟲

[ESM @ESM_Press]

𝗢𝗻 𝟲 𝗝𝘂𝗹𝘆, 𝘄𝗲 𝘄𝗶𝗹𝗹 𝗽𝘂𝗯𝗹𝗶𝘀𝗵 𝘁𝗵𝗲 𝗘𝘂𝗿𝗼 𝗔𝗿𝗲𝗮 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗪𝗮𝘁𝗰𝗵, 𝗮 𝗻𝗲𝘄 𝘀𝘁𝗲𝗽 𝗶𝗻 𝗵𝗼𝘄 𝘁𝗵𝗲 𝗘𝗦𝗠 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗲𝘀 𝘁𝗼 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆.

As part of the ESM’s crisis prevention mandate, the report provides an annual assessment of risks to the euro area economy and examines whether resilience can be sustained as external risks intensify and fiscal buffers erode. It focuses on sovereign vulnerabilities and includes a dedicated analysis on the economic impact of increased defence spending.

Curious to learn more? The word cloud below offers a first glimpse of the themes and insights you can expect 👇

#EASW #ESMeuro

[ESM @ESM_Press]

𝗡𝗲𝘅𝘁 𝘄𝗲𝗲𝗸 𝘄𝗲 𝗮𝗿𝗲 𝗹𝗮𝘂𝗻𝗰𝗵𝗶𝗻𝗴 𝘁𝗵𝗲 𝗘𝘂𝗿𝗼 𝗔𝗿𝗲𝗮 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗪𝗮𝘁𝗰𝗵

More than a new publication - it’s a new step in how the ESM contributes to financial stability.

#EASW provides a forward-looking view of macro-financial risks, with a focus on sovereign vulnerabilities, and includes new analysis on defence spending.

#ESMeuro

[ESM @ESM_Press]

𝗧𝗼𝗱𝗮𝘆, 𝗕𝘂𝗹𝗴𝗮𝗿𝗶𝗮 𝗵𝗮𝘀 𝗼𝗳𝗳𝗶𝗰𝗶𝗮𝗹𝗹𝘆 𝗯𝗲𝗰𝗼𝗺𝗲 𝘁𝗵𝗲 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗠𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺’𝘀 𝟮𝟭𝘀𝘁 𝗺𝗲𝗺𝗯𝗲𝗿.

The ESM proudly welcomes Bulgaria as its newest Member. With the entry into force of the ESM Treaty for Bulgaria on 29 June 2026, the country has formally joined the ESM

Bulgaria’s membership completes the country’s integration into the euro area’s institutional architecture and reflects the solidarity at the heart of the European project.

Being part of the ESM provides access to the euro area’s financial safety net, which strengthens a country’s resilience, reassures international investors and provides access to emergency financing.

🔗Learn more about Bulgaria’s accession:
• Read our press release: https://t.co/m0yyoMVjPp
• Visit our dedicated webpage: Bulgaria: https://t.co/bbpObB4Cfb
• Explore our detailed explainer: https://t.co/o3bWNaEcDl

[ESM @ESM_Press]

ESM Managing Director @pierregramegna addressed the European Parliament’s ECON Committee today, presenting the ESM Annual Report 2025, which was submitted to the European Parliament.

He highlighted that the euro area and the ESM have remained resilient in an environment marked by geopolitical tensions, market volatility, and pressure on the multilateral order.

The ESM reported a record net profit of €1.97 billion, boosting its reserves and strengthening its capacity to respond to market stress. With €81 billion in paid-in capital and a lending capacity of €500 billion, of which €433 billion are currently available, the ESM provides a strong financial backstop, underpinning its triple-A rating and low-cost funding.

Beyond the results, Pierre Gramegna stressed that the ESM continues to be built on resilience, solidarity and credibility, with the capacity to act in support of euro area stability and help contain sovereign risks.

He also pointed to the evolving risk environment, with financial stability increasingly shaped by geopolitical, economic and financial shocks, and underlined the importance of ongoing discussions to further strengthen the ESM’s toolkit.

Finally, he welcomed that Bulgaria will join the ESM as its 21st Member on 29 June, reinforcing the euro area’s financial architecture.

This exchange marked his first appearance before the ECON Committee under the Memorandum of Cooperation between the ESM and the European Parliament, which established a more structured framework for engagement.

#ESMeuro

[ESM @ESM_Press]

ESM Managing Director @pierregramegna will hold today an exchange of views with the European Parliament’s Committee on Economic and Monetary Affairs (ECON) in Brussels.

The discussion will focus on the ESM’s activities, including insights from its 2025 Annual Report, published on 11 June 2026. This exchange is part of the 2024 Memorandum of Cooperation (MoC) between the European Parliament and the ESM, which aims to deepen interinstitutional dialogue and cooperation.

🎥 Follow the livestream here: https://t.co/hq5a3pBR1s
📄 To learn more: https://t.co/k3w0aivEu0

[ESM @ESM_Press]

In Rome, ESM MD @pierregramegna met with @Antonio_Tajani, Deputy Prime Minister and Minister of Foreign Affairs, to discuss how to fully unlock the ESM’s potential as a key pillar of the euro area’s financial stability architecture.

[ESM @ESM_Press]

In Rome, ESM MD @pierregramegna met with Fabio Panetta, Governor of @bancaditalia, to exchange views on how to strengthen financial stability in the euro area amid geopolitical shocks.

They also discussed how digital finance can drive innovation and deeper integration across Europe.

[ESM @ESM_Press]

At the #Eurogroup press conference, ESM MD @pierregramegna discussed the outcome of the ESM Board of Governors meeting, which took place earlier in the day at the ESM headquarters and was chaired for the first time by @Pierrakakis.

Pierre Gramegna said that the ESM’s financial results are a good illustration of its resilience. In 2025, the ESM recorded a net profit of €2 billion, the best financial result since the institution’s inception. This, he said, reflected a safe investment strategy that outperformed its benchmarks, despite a year marked by volatility and uncertainty.

Discussions focused on how the ESM can remain prepared in times of geopolitical turmoil and fragmentation and reviewed the progress the ESM has made in strengthening its crisis prevention role. Pierre Gragmegna was pleased to welcome @IMFNews Managing Director @KGeorgieva to the ESM for an exchange on current global challenges.

Pierre Gramega also reflected on another important milestone: welcoming Bulgaria, represented by Minister of Finance Galab Donev, as the ESM’s 21st Member. Following the completion of all procedural steps, Bulgaria will become a full member of the ESM before the end of the month.

#ESMeuro

[ESM @ESM_Press]

2025 was loud. Geopolitical shocks. Fractures. Volatile markets.

Amidst it all, 𝘁𝗵𝗲 𝗘𝗦𝗠 𝗵𝗲𝗹𝗱 𝗶𝘁𝘀 𝗰𝗼𝘂𝗿𝘀𝗲.

In solidarity with its Members, the ESM continues to provide the assurance that when disruption comes, Europe has an institution 𝗿𝗲𝗮𝗱𝘆 𝘁𝗼 𝗮𝗰𝘁.

[Anabela Reis @AnabelaReis4]

RT @ESM_Press: 𝗞𝗲𝘆 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 from today’s #ESMBoG2026 doorstep

ESM Managing Director @pierregramegna and Eurogroup President @Pierrakaki…

[ESM @ESM_Press]

𝗔 𝗹𝗼𝗼𝗸 𝗯𝗮𝗰𝗸 𝗯𝗲𝗳𝗼𝗿𝗲 𝘄𝗲 𝗺𝗼𝘃𝗲 𝗳𝗼𝗿𝘄𝗮𝗿𝗱.

As we approach the 14th Annual Meeting of the ESM Board of Governors tomorrow, we invite you to revisit highlights since 2012.

From key milestones reached to memorable exchanges, the decisions and discussions behind these moments capture the journey so far.

We look forward to hashtag#ESMBoG2026 and to welcoming you soon at the ESM premises in Luxembourg.

[ESM @ESM_Press]

𝗪𝗵𝗲𝗿𝗲 𝗶𝘀 𝘁𝗵𝗲 𝟭𝟰𝘁𝗵 𝗔𝗻𝗻𝘂𝗮𝗹 #𝗘𝗦𝗠𝗕𝗼𝗚𝟮𝟬𝟮𝟲 𝗠𝗲𝗲𝘁𝗶𝗻𝗴 ��𝗮𝗸𝗶𝗻𝗴 𝗽𝗹𝗮𝗰𝗲 𝗮𝗻𝗱 𝘄𝗵𝗮𝘁’𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗮𝗴𝗲𝗻𝗱𝗮?

This Thursday, 11 June, the ESM’s highest decision‑making body, the Board of Governors, will meet in Luxembourg at the 𝗘𝗦𝗠 𝗽𝗿𝗲𝗺𝗶𝘀𝗲𝘀 - the correct answer to our recent poll - for its 14th Annual Meeting.

𝗔𝗴𝗲𝗻𝗱𝗮 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

- Approval of the 2025 ESM Annual Report, including the annual accounts
- Reappointment of the external auditor
- Session on key global economic risks and policy responses - in conversation with the IMF Managing Director @KGeorgieva

Read more: https://t.co/DoP38uGUQ8

#ESMBoG2026

[EU Council Press @EUCouncilPress]

❗Tuesday, 9 June❗

Hybrid press briefings starting at:

15.00 – #Eurogroup meeting of 11 June 2026
16.30 – #Ecofin Council of 12 June 2026

Register via link 👇
https://t.co/fLQsbYZfiT

[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

[Anabela Reis @AnabelaReis4]

@ESM_Press @Seitanidis @politis_news @pierregramegna Thanks for the interest @Seitanidis! Always a pleasure