The Director of the Luiss School of European Political Economy Marcello Messori and the economists Carlo Bastasin and Gianni Toniolo have developed a very detailed proposal to reduce public debt under the control of Parliament and through…
The ESM has approved the transfer of 10,3 billion - Of these, 7,5 will be sent immediately in recognition of the commitments undertaken by Athens - For the other 2,8 it will be necessary to wait for the green light for new measures
The Eurogroup's response to Greece has been postponed until tomorrow morning due to the need of many finance ministers to deepen Tsipras' latest proposals - The first of the two requests from Greece (new two-year aid plan) however appears…
The judges believe that the ESM has not violated the right of the Berlin parliament to decide on budget matters and reiterated that Germany's commitment to the fund must be limited to 190 billion euros, specifying that further…
This is the first two billion euros of the Permanent Rescue Fund (ESM) for Cyprus - The total aid envisaged is 10 billion euros - The second tranche should be paid by the end of June
The Fund placed 3-month bonds for 1,927 billion with an average negative yield of -0,0324% - Requests for 6,2 billion and bid-to-cover ratio at 3,2 - Hand extended by Japan.
HEARING OF STEFANO MICOSSI IN THE SENATE - We publish the final chapters and attach the full text of Micossi's speech on the recapitalization of euro banks and on deposit insurance and the resolution of banking crises - According to the Assonime CEO…
According to the association's analysis, in 2012 Italy achieved its budgetary objectives and is about to exit the excessive deficit procedure, but the still possible turbulence on the financial markets could render useless the efforts made over the last eighteen…
The finance ministers of the countries of the euro area have launched the new permanent bailout fund which in 2014 will have a lending capacity of 500 billion - The ESM will be able to issue bonds on the market and finance the countries…
Schaeuble declared that Spain does not need a second bailout program - The German Finance Minister spoke before the meeting of the ESM governors - Merkel and Rajoy, in recent days, had also expressed their views…
Today's Eurogroup in Luxembourg will finally make the new permanent rescue mechanism operational - The first 32 billion euros of capitalization will arrive at the end of October and will guarantee a total fire capacity of 200 billion euros, destined…
The ESM is inaugurated today in Luxembourg: by the end of the year it will have 200 billion euros available - This morning Piazza Affari starts down - Tomorrow Merkel's historic visit to Athens in support of Samaras - China down - Invesco…
A report by Morgan Stanley questions the consequences that Madrid's request for aid will have on the Italian situation - The risk is that, after the aid to Madrid, market pressure will shift to the next weakest link, i.e.…
Berlin denies Der Spiegel's rumors about boosting the permanent state-saving fund to 2.000 billion euros, thanks to the private sector - "Assuming a precise amount is a simple abstraction" - The ESM should come into operation on 8 October with…
This is the hope of the governor of the central bank, Panicos Demetraides - "It would be very important for us if the ESM directly recapitalised our banks from January 2013" - Even the president of the Eurogroup Juncker is worried: "Cyprus and the troika will have to speed up the…
The governor of the Bank of Italy Ignazio Visco talks about the European bailout fund: "It alone will not be enough to face a new financial crisis" - "The green light to the ESM by the German court does not say anything new" - " To make…
Eastern stock markets are still positive, taking further breath after the decision of the German Court to give the green light (albeit conditional) to the ESM - Waiting for today's Fed meeting.
The Premier and the Chancellor promote the conditional go-ahead from the German Constitutional Court to the new ESM state-saving fund - On the EU Commission's proposal to make the Eurotower sole supervisor of the banks in the Eurozone, however, they are divided: ok da Monti, "nein" …
Germany's constitutional court has approved Berlin's ratification of the eurozone's bailout mechanism. However, the eight judges set conditions: any increase in Germany's financial participation in the capital of the ESM - at most…
Today the Dutch will elect the next prime minister while the eight judges of the German Federal Court of Justice will declare their verdict on the constitutionality of the new European Stability Mechanism (ESM) - The first obstacles for European integration could appear, or…
The European crisis continues inexorably to weigh on the Eastern markets: today, on the eve of the German Constitutional Court's decision on the legality of the ESM (European Stability Mechanism), the Asian markets are in retreat.
The German Finance Minister said he was "sure" of the green light coming from the Constitutional Court - On the reform of banking supervision, Schaeuble reiterated that the ECB should only have powers over institutions of strategic importance - How much…
The European permanent bailout fund "will most likely become operational in October": this is what the designated president, Klaus Regling, declared - but the German Constitutional Court has yet to approve it.
The German Chancellor quotes Draghi and says that the banking license for the new state-saving fund "is not compatible with the treaties" - Monti is more cautious: perhaps "in another situation" - The two leaders continue to argue that the path to be…
Today in Berlin, the Italian premier will try to clarify the conditions that will be placed on Italy in the memorandum of understanding necessary to ask for aid to the future ESM - Monti and Merkel will also discuss the future of Europe and the renewed Franco-German understanding…
The German Constitutional Court will decide whether or not to approve the new stability mechanism on September 12 - Despite the request of a group of German plaintiffs to await the judgment of the European Court of Justice always on the constitutionality of the…
Rate cut, bond purchase, new liquidity LTRO operation? Draghi's wing move and his commitment to correct spreads and save the euro ("the ECB is ready for anything") give confidence to the markets they imagine…
After the approval from the Senate, today the Chamber gave the definitive green light for the ratification of the European treaties on the Fiscal Compact and the European Stability Mechanism - Here is a fact sheet on the two measures.
The German Constitutional Court today decided to extend until 12 September the examination of some appeals lodged against the Fiscal Compact and the treaty on the new ESM States-saving fund, postponing their ratification.
The leader of the Greens in the Bundestag, Jürgen Trittin, has explicitly asked for the attribution of the banking license to the ESM state-saving fund - The idea is not new, but for the first time it has been officially formalized - The German Constitutional Court…
Yesterday Palazzo Madama also gave the first yes to the ESM, now the final word passes to the Chamber which should examine the provision with an accelerated procedure.
In Germany, the debate has opened before the Constitutional Court of Karlsruhe regarding the appeals against the ESM: if the Consulta were to deem the precautionary request submitted to it founded, the new bailout fund would not enter into force in the next two to three …
Agreement reached between Cdu, Csu and Fdp on one side and Spd and Greens on the other on the ratification by the Bundestag of the Fiscal Compact and the European Stability Mechanism, the new permanent state-saving fund - The Constitutional Court however warns: the entry…
When the spread of the various countries exceeds a certain alarm threshold, the automatic purchase of government bonds by the ECB or the new ESM could be triggered - This is the Italian proposal on which Europe is discussing today.
By the end of the year, between funds to be disbursed and loans to be guaranteed, the bill could exceed 48 billion euros - We will have to finance Greece, Ireland and Portugal for 29,5 billion through EFSF, a sum to which since last Saturday…
France wants "the direct recapitalization of the banks with ESM funds", the new state-saving fund - And on this Moscovici, the French finance minister, finds Rehn's opening: "It is not currently in the treaties, but it is important to consider the possibility”…
At the European level, discussions are underway "to find a way to make possible recourse to the ESM for the direct recapitalization of banks" - "We want the permanent State bailout fund to be used more and in a more useful way"…
The finance ministers of the euro area have increased the ceiling for funding from the new ESM bailout fund - Until July 2013, the 240 billion can also be used in cases of extreme urgency…
The German Finance Minister declared a few hours from the Eurogroup in Copenhagen that the ESM will have a budget of "about 800 billion euros" - According to the draft of the press release, the new fund will have a total of 700 billion which, from a…
EFSF and ESM can march in parallel, according to the chancellor - And the state-saving fund can go from 500 to 700 billion in firepower - Fresh off an electoral victory in the small Saarland, Merkel must in any case…
It is the anti-crisis recipe of the minister for European affairs, who in Brussels makes it clear that a decision in Copenhagen on the new bailout fund is not taken for granted - Moavero is also relaunching the idea of project bonds.
The German chancellor, the Financial Times confirmed this morning, yields on the strengthening of the funds of the European stability mechanism (ESM) - Germany will contribute through the temporary state-saving fund (EFSF) - Finland too is ready to bow its head.
Berlin seems to be close to the decisive turning point for the European debt crisis - The German chancellor could accept a strengthening of the permanent rescue fund of the Eurozone up to 750 billion euros - Monti will meet Merkel this afternoon…
According to the German chancellor, the new state-saving fund does not need to be strengthened beyond the 500 billion euros already agreed - Friday meeting with the president of the Eurogroup Juncker.
From next July it will replace the EFSF - The new anti-crisis mechanism will have resources for 500 billion euros - Recourse to the ESM will be conditional on the ratification of the Fiscal compact by the state which asks to make use of it - Per Van…
The European Stability Mechanism will be able to buy the government bonds of eurozone countries in difficulty, contribute to the recapitalization of banks and grant "precautionary" loans to countries that are not in need of a rescue package.
This morning the head of the IMF, Christine Lagarde, spoke of the need to increase the financing of the fund - an urgency which, according to the German newspaper Der Spiegel, was also expressed by Monti.
According to the German Finance Minister, "the problems in some countries are particularly big" and a solution will only be possible "in the long term" - But "in the next twelve months we will be able to eliminate the dangers of contagion and we will be able to stabilize…
