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EFSF
The European Financial Stability Facility (EFSF) is a special purpose vehicle financed by members of the eurozone to address the European sovereign-debt crisis. It was agreed by the Council of the European Union on 9 May 2010, with the objective of preserving financial stability in Europe by providing financial assistance to eurozone states in economic difficulty. The Facility's headquarters are in Luxembourg City, as are those of the European Stability Mechanism. Treasury management services and administrative support are provided to the Facility by the European Investment Bank through a service level contract. Since the establishment of the European Stability Mechanism, the activities of the EFSF are carried out by the ESM. The EFSF is authorised to borrow up to €440 billion, of which €250 billion remained available after the Irish and Portuguese bailout. A separate entity, the European Financial Stabilisation Mechanism (EFSM), a programme reliant upon funds r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Sovereign-debt Crisis
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The eurozone crisis was caused by a balance-of-payments crisis, which is a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending. The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency) due to having the Euro as a shared currency. Debt accumulation in some eurozone members was in part due t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Stability Mechanism
The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It was established on 27 September 2012 as a permanent firewall for the eurozone, to safeguard and provide instant access to financial assistance programmes for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion. It has replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Overview The Treaty Establishing the European Stability Mechanism stipulated that the organization would be established if member states representing 90% of its capital requirements ratified the founding treaty. This threshold was surpassed with Germany's completion of the ratification process on 27 September 2012, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. The 19 eurozone members are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The eight non-eurozone members of the EU are Bulgaria, Czech Republic, Croatia, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, albeit all but Denmark are obliged to join once they meet the euro convergence criteria. Croatia will become the 20th member on 1 January 2023. Among non-EU member states, Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. The 19 eurozone members are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The eight non-eurozone members of the EU are Bulgaria, Czech Republic, Croatia, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, albeit all but Denmark are obliged to join once they meet the euro convergence criteria. Croatia will become the 20th member on 1 January 2023. Among non-EU member states, Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Financial Stabilisation Mechanism
The European Financial Stabilisation Mechanism (EFSM) is an emergency funding programme reliant upon funds raised on the financial markets and guaranteed by the European Commission using the budget of the European Union as collateral. It runs under the supervision of the Commission and aims at preserving financial stability in Europe by providing financial assistance to member states of the European Union in economic difficulty. The Commission fund, backed by all 27 European Union member states, has the authority to raise up to €60 billion. The EFSM is rated AAA by Fitch, Moody's and Standard & Poor's. The EFSM has been operational since 10 May 2010. Programmes Irish programme Under the programme agreed between the Eurozone and the government of Ireland, the EFSM wil provide loans of 22.4 billion euros between 2010 and 2013. As of January 2012 the EFSM had provided 15.4 bn. Further funds have also been provided through the EFSF Portuguese programme Under the programme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Klaus Regling
Klaus P. Regling (born 3 October 1950 in Lübeck, West Germany) is a German economist and the former Chief Executive Officer of the European Financial Stability Facility (EFSF) and Managing Director of the European Stability Mechanism. Regling was reportedly considered as a possible head of the European Central Bank to succeed Jean Claude Trichet. Early life and education The son of a carpenter who sat in the German Bundestag for the Social Democrats,Zeke Turner (August 21, 2015)Meet Mr. Stability''Politico Europe''. Regling studied economics at the University of Hamburg, and after receiving his bachelor's degree in 1971 went on to the University of Regensburg, where he earned a master's in the subject in 1975. Career In 1975 Regling began work at the International Monetary Fund (IMF) in Washington, D.C. He spent his first two years as part of the IMF's Economist Program, specifically the Research and African Department, and the following three years as an economist in the Resea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German Finance Agency
The Federal Republic of Germany – Finance Agency (german: Bundesrepublik Deutschland – Finanzagentur GmbH) is the central service provider for the Federal Republic of Germany's borrowing and debt management. Thus it is wholly owned by the Federal Republic of Germany, represented by the Federal Ministry of Finance. Legal basis is the Federal Government Debt Management Act (Bundesschuldenwesengesetz) that constitutes a special public control and supervision by the Federal Ministry of Finance which in addition itself regularly reports on debt management issues to budget experts from the German Bundestag. History The company was formed by the Federal Republic of Germany on 19 September 2000, by amendment to the statutes of 29 August 1990,German Trade Register B of the Amtsgerichts Frankfurt am Main: HRB 51411, 25 May 2009S. 1an2(retrieved on 22 March 2010) from the Berlin-based ''CVU Systemhaus Abwicklungsgesellschaft mbH'' and is headquartered in Frankfurt am Main. Since 2001 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Parliament
The European Parliament (EP) is one of the legislative bodies of the European Union and one of its seven institutions. Together with the Council of the European Union (known as the Council and informally as the Council of Ministers), it adopts European legislation, following a proposal by the European Commission. The Parliament is composed of 705 members (MEPs). It represents the second-largest democratic electorate in the world (after the Parliament of India), with an electorate of 375 million eligible voters in 2009. Since 1979, the Parliament has been directly elected every five years by the citizens of the European Union through universal suffrage. Voter turnout in parliamentary elections decreased each time after 1979 until 2019, when voter turnout increased by eight percentage points, and rose above 50% for the first time since 1994. The voting age is 18 in all EU member states except for Malta and Austria, where it is 16, and Greece, where it is 17. Although the E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Sulík
Richard Sulík (; born 12 January 1968) is a Slovak politician, economist and businessman. He is the leader of the political party Freedom and Solidarity and served as Deputy Prime Minister for Economy and Minister of Economy in Government of Slovakia led by Eduard Heger. Sulik and his party resigned from the government on August, 31 and early September. Life Born in 1968 in Czechoslovakia, Sulík emigrated in 1980 with his parents to West Germany, where they lived in the city of Pforzheim. In 1987 he went to Munich to study physics and later economics at the Ludwig Maximilian University. When the borders were reopened right after the end of the cold war, Sulík returned in 1991 to Czechoslovakia. While still a student at the University of Economics in Bratislava, he ran the company FaxCOPY. When he graduated in 2003, Sulík was working as a special advisor of the Slovak Minister of Finance Ivan Miklos, whom he convinced to take his master thesis as a blueprint for the 2004 Sl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply (economics)
In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object. Supply is often plotted graphically as a supply curve, with the price per unit on the vertical axis and quantity supplied as a function of price on the horizontal axis. This reversal of the usual position of the dependent variable and the independent variable is an unfortunate but standard convention. The supply curve can be either for an individual seller or for the market as a whole, adding up the quantity supplied by all sellers. The quantity supplied is for a particular time period (e.g., the tons of steel a firm would supply in a year), but the units and time are often omitted in theoretical presentations. In the goods market, supply is the amount of a product per u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Purpose Vehicle
A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives. SPEs are typically used by companies to isolate the firm from financial risk. A formal definition is "The Special Purpose Entity is a fenced organization having limited predefined purposes and a legal personality". Normally a company will transfer assets to the SPE for management or use the SPE to finance a large project thereby achieving a narrow set of goals without putting the entire firm at risk. SPEs are also commonly used in complex financings to separate different layers of equity infusion. Commonly created and registered in tax havens, SPEs allow tax avoidance strategies unavailable in the home district. Round-tripping is one such strategy. In addition, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citibank
Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. It was founded as City Bank of New York and became National City Bank of New York. It has had an important role in war bonds. It has had a role in international events including the U.S. invasion of Haiti. History Early history The City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. After Osgood's death in August 1813, William Few beca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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