We are more concerned about the historical consequences over the long term than we are about the shortterm impacts. But we’ve heard two different interpretations. The first is that this ultimately affects quite small amounts of the transatlantic trade between Europe and the United States.
In July 2012, the European Financial Stability Facility will be replaced by a permanent safety net, the European Stability Mechanism (ESM). The ESM will have a robust capital structure and flexible crisis intervention tools at hand to mitigate contagion risks in the euro area. Overall, the euro area is mobilising a firewall of about EUR 800 billion, or more than USD 1 trillion.