The eurozone may not be out of crisis but the European response is working, said Klaus Regling, managing director of the European Stability Mechanism ESM, the region’s emergency bailout fund.
He said that, in addition to the well-known efforts by the European Central Bank to stabilise financial markets, periphery countries have made meaningful structural changes that are now setting the stage for growth.
Their interest rates have come down and countries such as Spain, Portugal and Ireland can now refinance debt directly from global investors, rather than rely on the ESM. Spain and Ireland have now exited ESM support programmes, and the Europe-wide economy is slowly growing and by some measures...
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