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The European Commission has confirmed its plan for bond issuances in 2021 under its existing borrowing programmes. These include the SURE instrument to support short-term employment schemes in the EU Member States, the European Financial Stabilisation Mechanism (EFSM) to refinance debt to two EU countries,

as well as the Macro-Financial Assistance (MFA) to help non-EU countries address the coronavirus crisis. In total, the EU is going to raise at least €62.9 billion under these three programmes. Of this, between €30 and €35 billion are expected to be raised in the first quarter of the year and between €25 billion and €30 billion in the second quarter.

In addition, the Commission will continue preparations for the first issuance under NextGenerationEU, the temporary recovery instrument. The Commission is due to start borrowing to finance the recovery under this tool as soon the legislative process is completed, with the horizon of mid-2021.For this to be legally possible, EU Member States need to ratify the Own Resources Decision in line with their constitutional requirements

The borrowing and lending operations currently foreseen by the European Commission for the first half of 2021 include:

€50.8 billion under SURE.    The Commission proposed the SURE programme “Support to mitigate Unemployment Risks in an Emergency” - in April 2020. By September 2020, the decision-making process was completed in a record-speed. So far, the Commission has raised a total of €39.5 billion via three transactions under SURE. The Commission has already disbursed this amount to 15 Member States, directly passing them the favourable funding conditions obtained.

In 2021, the Commission will proceed with further issuances under the SURE programme. These will continue to be issued under the social bond label in the form of large and liquid benchmarks. The Commission may also consider taps of the outstanding ones.

The Council has already approved a total of €90.3 billion in financial support to 18 Member States and the Commission's current funding plans foresee issuances of €50.8, to complement the €39.5 billion already placed on the market. The respective disbursements will follow accordingly.

The Commission may proceed with further issuances under the EU SURE programme in 2021, up to the maximum available ceiling of €100 billion, depending on Member States' demand.

€9.75 billion under the European Financial Stabilisation Mechanism (EFSM).   The EFSM was created for the European Commission to provide financial assistance to any EU country experiencing or threatened by severe financial difficulties. Under the EFSM, the Commission provided assistance, conditional on the implementation of reforms, to Ireland and Portugal between 2011 and 2014, and to provide short-term bridge loans to Greece in July 2015.

To extend maturities of the support provided to Ireland and Portugal, the Commission will refinance €9.75 billion of maturing bonds in the first half of 2021. The Commission currently has €46.8 billion of outstanding borrowing under EFSM.

€2.35 billion under the Macro-Financial Assistance programme (MFA).    The MFA is part of the EU's wider engagement with neighbouring countries and intended as an exceptional EU crisis response instrument. It is available to the EU's neighbouring countries experiencing balance-of-payments problems.

In 2020, the EU agreed to provide further €3 billion to ten enlargement and neighbourhood partners to help them to limit the economic fallout of the coronavirus pandemic. In 2020, the Commission already started providing funding under this package.

Further €2.35 billion will follow in 2021, both under the standard MFA assistance programme and the COVID-19 targeted issuance. The outstanding borrowing under the MFA currently stands at €5.8 billion.