Vienna, 13.09.2017 Forum Finanz: Presentation of ESM evaluation report

On 13 September 2017, as part of the high-profile series of expert conferences known as Forum Finanz, an independent evaluation report relating to the activities of the European Stability Mechanism (ESM) and its temporary predecessor institution, the EFSF, was presented. 

This report was prepared on behalf of the ESM Governing Council headed by Getrude Tumpel-Gugerell. The report primarily examined the relevance, efficacy and efficiency of the ESM, established in Luxembourg in 2012. The recommendations contained in the report provide ideas for improvement and thereby constitute the starting point for further development of the institution.

In addition to Getrude Tumpel-Gugerell, who presented the report, Rolf Strauch, Chief Economist of the ESM, Robert Stehrer, Scientific Director of the Vienna Institute for International Economic Studies, and Harald Waiglein, Director-General for Economic Policy, Financial Markets and Customs Duties at the Austrian Ministry of Finance, held discussions with the numerous interested guests. 

Further light was shed in particular on past crisis scenarios in Europe, primarily in Greece, and the handling of such crises. The question was further discussed as to how, in future, the ESM rules could be structured still more effectively, thereby enabling greater promotion of the programme's credibility and identification with its aims. The discussion took place in the context of current proposals concerning further development of the ESM to create a "European Monetary Fund" with extended powers.

The conclusion of the evening was that, as the core of the so-called euro rescue umbrella, the ESM has now become indispensable to the fabric of Economic and Monetary Union, and has so far fulfilled its role effectively.

Information on Forum Finanz Event