"The European Monetary Union – Return to Stability" Questions and answers: Klaus Regling
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The document summarizes the evolution and current state of the European Monetary Union and efforts to ensure its stability. It discusses how the EMU has faced challenges like fiscal discipline issues and economic imbalances among members. Reforms at national and European levels are aiming to address these issues through measures like fiscal consolidation, structural reforms, stronger governance, and new financial stability institutions. The European Financial Stability Facility (EFSF) has provided financial assistance to Ireland and Portugal and seen strong investor demand for its bonds. Its role and lending capacity have been enhanced to maintain stability in the Eurozone.
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"The European Monetary Union – Return to Stability" Questions and answers: Klaus Regling
- 1. “ The European Monetary Union – Return to Stability” Klaus Regling, CEO of EFSF EESC, 9 November 2011
- 3. EMU better positioned than other currency areas Source: IMF April 2011 Euro area without Estonia Fiscal balance, euro area vs USA and Japan (in % of GDP)
- 6. National measures are showing results Source: European Commission: Forecast – Spring 2011 Fiscal balance, general government (as % of GDP) Unit Labour Costs relative to Germany, nominal (1998 Q1=100) Current account balance (as % of GDP) Source:OECD Portugal Greece Ireland Germany
- 9. A new framework for crisis management European Financial Stabilisation Mechanism “ EFSM” € 60 bn Available to all 27 EU member states € 750bn Financial Stability Package European Financial Stability Facility “ EFSF” € 440 bn For euro area Member States International Monetary Fund € 250 bn max Up to half the amount drawn from EFSF and EFSM
Editor's Notes
- On 10 May 2010, the Council adopted a package to preserve financial stability, unity and integrity of the European Union These actions will provide financial assistance to a member state experiencing severe economic or financial difficulties caused by exceptional circumstances beyond its control Any EAMS seeking financial assistance under the European Stability Mechanism will negotiate a Memorandum of Understanding with the European Commission containing financial and economic adjustment measures. The Commission, in liaison with the ECB and the IMF, will monitor closely conditionality compliance before disbursements are made ECB purchases of sovereign debt in the secondary market, along with additional liquidity provisions In addition, the ECB has re-established USD FX swap lines with the Fed, and it is temporarily offering unlimited allotment in its Long Term Refinancing Operation