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This is a list ofacronyms andinitialisms associated with theeurozone crisis.

• ABS (Asset-backed security):financial instrument whose payments arecollateralized ("backed") by a pool of underlyingassets that are usually small, illiquid and unable to be sold individually - hence the process ofsecuritization.
• ANFA (Agreement on Net Financial Assets): confidential agreement betweenECB and nationalcentral banks concerning the purchase of sovereign debt (financial assets) by the central banks, such as the purchase of Greek debt paper, for the banks' own account - as opposed toSMP programs in which ECB or the central banks are operating within theEurosystem.^[1]
• ARRA (American Recovery and Reinvestment Act; commonly called "theStimulus Package”):legislation enactingnet-deficit spending measures voted by the U.S. Congress and signed into law by PresidentBarack Obama, in February 2009, often compared withstimulus measures undertaken byEurozone member-states.^[2][3]

• B III, aka the thirdBasel Accord: framework developed in response to the deficiencies infinancial regulation revealed by the2008 financial crisis that sets international standards for bankcapital adequacy,stress testing, andliquidity requirements. SeeCET1.
• Brexit orBrixit (British exit): term initially introduced in 2012 in world business trading, referring to the possibility that theUnited Kingdom could leave theEuropean Union. Following the2016 referendum, Britain exited from the European Unionat 23:00 GMT on 31 January 2020, and, from then on, the term denotes a real event.

• CAC 1.Collective action clause: agreement in the issuance ofbonds that allows asupermajority of bondholders to agree to adebt restructuring that is legally binding on all holders of the bond, including those who vote against the restructuring. 2.Capital account convertibility : the extent to which a nation's financial regime allows transactions of local financial assets into foreign financial assets freely and at market-determinedexchange rates.
• CAR (Capital Adequacy Ratio, aka Capital-to-Risk Weighted Assets Ratio orCRAR): theratio of abank'scapital to itsrisk.
• CDO (Collateralized debt obligation): type ofstructuredasset-backed security (see ABS) with multipletranches, issued by special purpose entities andcollateralized by debt obligations, includingbonds and/orloans. Each tranche offers a varying degree ofrisk andreturn so as to meet investor demand. CDOs' value & payments are derived from a portfolio offixed-incomeunderlying assets.
• CDS (Credit default swap): financial agreement whereby one side (the seller of the CDS) agrees to compensate the other side (the CDS buyer) in the event of a loandefault or othercredit event. The buyer makes a series of payments (called "fee" or "spread") to the seller and, in exchange, receives a payoff if the loan defaults. AnLCDS (Loan-only credit default swap) is a CDS whose underlying security is strictly asyndicated,secured loan, and never abond.
• CEBS (Committee of European Banking Supervisors): former independent advisory committee of theEuropean Union (EU), tasked with banking supervision within the EU. Predecessor of theEuropean Banking Authority (EBA).
• CET1 (Common Equity Tier 1): percentage of bank capital thatB III standards require banks to fund withRWAs (risk-weighted assets) composed of shareholders' equity, including audited profits, goodwill, and other intangible assets - less accounting reserves that are not loss absorbing. Currently, and since 2015, it stands at 4.5%.
• CFS (Center for Financial Studies):German independent research institute affiliated to theGoethe University Frankfurt, which conducts applied research in the areas offinancial markets,financial intermediaries andmacroeconomics.
• COSAC (French:Conférence des organes spécialisés dans les affaires communautaires et européennes des parlements de l'Union européenne - Conference of Community and European Affairs Committees of Parliaments of the European Union): conference of Members of theEuropean Parliament and nationalMembers of Parliament (MPs) drawn from parliamentary committees responsible forEuropean Union affairs; mainly intended for personal contacts and exchange of information but also adopts proposals toEU institutions.
• CRAR: SeeCAR.

• DSA (Debt sustainability analysis):IMF's analysis of a country's capacity to finance its policy objectives and service the ensuing debt without unduly large adjustments, conducted through a formal framework that became operational in 2002.
• DSGE modeling (Dynamic stochastic general-equilibrium modeling), alsoDGE: branch of appliedgeneral-equilibrium economic theory, influential in contemporarymacroeconomics. It attempts to explain aggregate economic phenomena (growth,business cycles, effects ofmonetary and/orfiscal policy, etc.) on the basis of macroeconomic models derived frommicroeconomic principles. TheEuropean Central Bank (ECB) uses a DSGE model (the Smets-Wouters model) to analyze the economy of theEurozone as a whole.

• EBA (European Banking Authority): regulatory agency of the EU, established on 1 January 2011, whose activities include conductingstress tests on European banks to identify weaknesses in banks' capital structures. It is part of the European System of Financial Supervision (ESFS).
• EBF (European Banking Federation): organisation, currently numbering around five thousand members, representing the interests of European banks in theEuropean Union.
• EBS:redundant acronym for Ireland's largestbuilding society, rescued in 2010 frombankruptcy by thegovernment's emergency injection of capital, amidst thePost-2008 Irish banking crisis.
• ECB (European Central Bank): the institution of the European Union (EU) that administers the monetary policy of theEurozone member-states and the exclusive issuer of eurobanknotes.
• ECJ (European Court of Justice): the highest court in theEuropean Union (EU) in matters ofEuropean Union law.
• ECOFIN (Economic and Financial Affairs Council): configuration of theCouncil of the European Union, composed by theEconomics and Finance Ministers of allEuropean Union member-states.
• ECON (Committee on Economic and Monetary Affairs): committee of theEuropean Parliament, overseeing the actions of theEuropean Central Bank (ECB).
• EEA (European Economic Area): the geographical free-trade area, established in 1994, that comprises theEuropean Union andEFTA, except forSwitzerland.
• EFC 1.European Fiscal Compact (also Fiscal Stability Treaty, orFST): treaty signed on 2 March 2012 by all member-states of the European Union (EU), except for theCzech Republic and theUnited Kingdom, by which all parties agree to introduce a national requirement to havenational budgets that are in balance or in surplus. 2.Economic and Financial Committee: committee of senior representatives of member-states'finance ministries andcentral banks, plus representatives of theEuropean Central Bank (ECB) and theEuropean Commission. EFC prepares the work of theEconomic and Financial Affairs Council (ECOFIN), in particular regardingdeficits and issues related to theeuro.
• EFSF (European Financial Stability Facility):special purpose vehicle financed by members of theEurozone to address theEuropean sovereign-debt crisis.
• EFSM (European Financial Stabilisation Mechanism): emergency funding programme reliant upon funds raised on the financial markets and guaranteed by theEuropean Commission using the budget of theEuropean Union ascollateral.
• EFTA (European Free Trade Association): an association, established in 1960, of originally seven (Greek:εφτά, eftá: seven) and currently four European countries (Liechtenstein,Iceland,Norway, andSwitzerland), which operates in parallel and is linked to theEuropean Union (EU).
• EIOPA (European Insurance and Occupational Pensions Authority): financial regulatory institution of the European Union, whose core responsibilities are the support of the stability of the financial system, the maintenance of transparency in the financial markets and products, as well as the protection of insurance policyholders, pension scheme members and beneficiaries. It is part of theEuropean System of Financial Supervisors (ESFS).
• ELA (Emergency Liquidity Assistance): injections ofliquidity to European private and centralbanks by theEuropean Central Bank (ECB).
• EMU (Economic and Monetary Union; synonymous toEurozone):umbrella term for the group of policies aimed at converging the economies of European Union members so as to allow them to adopt a singlecurrency, theeuro.
• Eonia (Euro OverNight Index Average): an effectiveovernight interest rate computed as theweighted average of allovernightunsecured lending transactions in theinterbank market and calculated by theEuropean Central Bank (ECB). (See alsoEuribor; seeU.S. Federal Reserve overnight interest rate).
• ERM (European Exchange Rate Mechanism): system introduced by theEuropean Community in 1979, as part of theEuropean Monetary System (EMS), aiming to reduceexchange ratevolatility and achieve monetary stability in Europe, in preparation for theEconomic and Monetary Union and the introduction of the euro.
• ESA orESA95 (European system of national and regional accounts): the European system of collecting comparable, up-to-date and reliable information on the economy of theEuropean Union's member states. It is broadly consistent with the System of National Accounts of theUnited Nations.
• ESCB (European System of Central Banks): comprises theEuropean Central Bank (ECB) and the nationalcentral banks (NCBs) of allEuropean Union (EU) member-states. TheEurosystem, and not ESCB, is the responsible authority on all issues concerning theEuropean common currency (€).
• ESFS (European System of Financial Supervisors): the institutional architecture of the EU financial supervision, created in response to the2008 financial crisis. It comprises theEuropean Banking Authority (EBA), theEuropean Insurance and Occupational Pensions Authority (EIOPA), and theEuropean Securities and Markets Authority (ESMA).
• ESM (European Stability Mechanism): international organisation located inLuxembourg, which provides financial assistance toEurozone members in financial difficulty, replacingEFSF andEFSM, which will continue to handle transfer and monitoring of the previously approved bailout loans forIreland,Portugal andGreece.
• ESMA (European Securities and Markets Authority): financial regulatory institution of the European Union, whose task is to improve the functioning of financial markets in Europe and strengthen investor protection. It is part of the European System of Financial Supervision (ESFS).
• ESRB (European Systemic Risk Board) : agency tasked with themacro-prudential oversight of the financial system within the European Union. It is under the responsibility of theEuropean Central Bank (ECB).
• EU (European Union): the economic and political union or confederation of 28European member-states.
• Euribor (Euro Interbank Offered Rate): the daily reference rate based on the averagedinterest rates at whichEurozone banks offer to lendunsecured funds to other banks in theEuro wholesale money market (or interbank market). Euribors are used as a reference rate forEuro-denominated instruments, just asLIBORs are commonly used forSterling andUS dollar-denominated instruments. (See alsoEonia.)
• Eurodad (European Network on Debt and Development): network of Europeannon-governmental organisations that research issues related to debt, development finance and poverty reduction.
• Eurogroup orEuro Group:Colloquial designation of the informal meeting of theFinance Ministers of theEurozone, usually taking place the day before the formal meeting ofECOFIN.
• Eurogroup Working Group orEuroworking Group: preparatory body composed of representatives of the Eurozone member states ofECOFIN, theEuropean Commission and theEuropean Central Bank, which provides assistance to theEurogroup and the Eurogroup's president in preparing ministers' discussions.
• Eurostat: theDirectorate-General of theEuropean Commission responsible for collecting statistical information from member states and providing them to theEuropean Union, codified and summarised under the concept of the European Statistical System. It is also assigned the task of promoting the integration of statistical methods across member states, candidate European Union countries andEFTA countries.
• Eurosystem: the monetary authority of theEurozone, consisting of theEuropean Central Bank (ECB) and the central banks of the member states that belong to the Eurozone. The function of the Eurosystem is to apply themonetary policy decided by the ECB. See alsoESCB.
• Eurozone: themonetary union of 19European Union (EU) member states that have adopted theEuro (€) as their commoncurrency and solelegal tender.

• FATF (Financial Action Task Force on Money Laundering), alsoGAFI (Groupe d'Action Financière):intergovernmental organization founded in 1989 on the initiative of theG7 to develop policies to combatmoney laundering; intensified European money laundering investigations during the crisis.^[4]
• FDI (Foreign direct investment): investment by foreign nationals into a country; measure of attractiveness of country's economic conditions and prospects. Total FDI in Europe fell as a result of thecrisis.
• FST (Fiscal Stability Treaty): seeEFC, def. #1.

• GAFI: SeeFATF.
• GDP (Gross domestic product): the market value of all goods and services produced within a country in a given period, usually one year. (See also GNP)
• GFC (Global financial crisis): term denoting the 2008 financial crisis.
• GNP (Gross National Product): the market value of all goods and services produced by the residents of a country in a given period, usually one year. (See also GDP)
• Grexit (Greek Euro Area exit):slang term introduced in 2012 in world business trading, referring to the possibility thatGreece could leave theEurozone, and possibly re-adopt its old currency, thedrachma.

• IFO (German:Institut für Wirtschaftsforschung - Institute for Economic Research): independent, influentialGermanthink tank, now part of the CESifo Group.
• IIF (Institute of International Finance ): global association offinancial institutions created bybanks ofleading industrialised countries in response to theinternational debt crisis of the early 1980s, which has had a prominent role in theEuropean debt crisis environment.
• IIP: seeNIIP
• IMF (International Monetary Fund): international organization, created in 1944, having as objective to stabilize exchange rates and assist in the reconstruction of the world's international payment system, whenever necessary.
• ISDA (International Swaps and Derivatives Association): trade organization of participants in the market forover-the-counterderivatives. Mostcredit default swaps (CDSs) use standard forms promulgated by ISDA, although some are tailored to meet specific needs. In March 2012, ISDA, bydeclaring that Greece had instigated acredit event, triggered payment on default insurance contracts.

• LCDS: SeeCDS.
• LIBOR (London Inter-Bank Offered Rate): the averageinterest rate that leading banks in London charge when lending to other banks. It is widely used as areference rate for many financial instruments, includingsovereign loans.LIBORs are commonly used forSterling andUS dollar-denominated instruments, just asEuribors are used as a reference rate forEuro-denominated instruments. (See alsoLibor scandal.)
• LLR (Lender of last resort): term denoting an institution willing to extend credit when no one else will. In theEurozone, the lender of last resort for banks is theEuropean Central Bank (ECB).
• LTRO (Long-term refinancing operation):ECB programme of low-interest loans to European banks but not to European states, accepting loans from the portfolio of the banks ascollateral.

• MIP (Macroeconomic Imbalance Procedure): set of measures and policies, part ofEU'ssixpack legislation, designed to prevent and correct ostensibly risky macroeconomic developments, such as highcurrent-account deficits, unsustainable external indebtedness andhousing bubbles.
• Moneyval (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism): institution within theCouncil of Europe and answerable directly to theCommittee of Ministers, having the task of monitoring the status and implementation of anti-money laundering measures in Europe.

• NAMA (National Asset Management Agency): institution created by theGovernment of Ireland, in late 2009, in response to thepost-2008 Irish economic downturn and thedeflation of theIrish property bubble. It functions as abad bank, acquiring property development loans from Irish banks in return for governmentbonds, primarily with a view to improving the availability of credit in the Irish economy.
• NCB (National central bank): the institution that manages a nation's currency, money supply, and interest rates. The NCBs ofEurozone's member-states have ceded to theEuropean Central Bank most rights for major central-bank operations.
• NIIP (Net international investment position); also, sometimes,NIP : the difference between a country's external financial assets and its external financial liabilities. A country'sIIP (international investment position) is the financial statement setting out the value and composition of that country's external financial assets & liabilities.
• NPM (New public management): government policies that aim to modernise and render more effective the public sector. Part of IMF and ECB recommendations to Eurozone countries.
• NTMA (National Treasury Management Agency): government agency, established in 1990, which manages the assets and liabilities of theGovernment of Ireland, borrows for theexchequer, and manages the national debt.

• OMT (Outright Monetary Transactions):ECB's purchases ("outright transactions") in sovereign-bond secondary markets, within theEurosystem, and also, under certain conditions, ofbonds issued byEurozone member-states. OMT replaces the bank's Securities Markets Programme (SMP).
• OSI: SeePSI.

• PEPP (Pandemic Emergency Purchase Programme): the temporary asset-purchase programme^[5] of private and public sector securities initiated on 18 March 2020^[6] by theECB to counter the financial risks posed by the outbreak ofCOVID-19. The programme was terminated on 31 March 2022.^[7]
• PIGS (Portugal,Italy,Greece andSpain); also, since 2008,PIIGS (Portugal, Italy,Ireland, Greece and Spain):pejorative term denoting Eurozone's troubled economies.
• PSI (Private sector involvement): participation of private creditors insovereign-debt restructuring deals. The participation of state sectors is denoted asOSI (official sector involvement).

• SDR (Special drawing rights): supplementary foreign-exchange reserve assets maintained by the International Monetary Fund (IMF), which represent a claim to currency held by IMF member-countries for which they may be exchanged. An SDR functions as theunit of account for the IMF.
• SGP (Stability and Growth Pact): agreement among the member-states of the European Union, to facilitate and maintain the stability of theEconomic and Monetary Union. In order for member-states to join theEurozone, they would have to abide by thecriteria for public finances which theMaastricht Treaty defined, such as member-states having (a) an annual budget deficit no greater than 3% of GDP, and (b) a national debt no greater than 60% of GDP.
• SMP: SeeOMT.
• SONIA (Sterling OverNight Index Average): reference rate for transactions in theBritish Sterling market, calculated as the weighted average rate of allunsecuredovernightsterling transactions brokered in London by members of The Wholesale Markets Brokers' Association.
• SPE (Special purpose entity); alsoSPV (Special purpose vehicle): legal entity created to fulfill narrow, specific and/or temporary objectives. Usually alimited company of some type or alimited partnership.
• SPV : SeeSPE.
• SRM (Single Resolution Mechanism): decision process that applies to banks covered by theSingle Supervisory Mechanism. SRM covers all banks established in theEurozone.
• SSM (Single Supervisory Mechanism): synonym ofEuropean Banking Supervision.
• S&P (Standard & Poor's): American financial services company and one of thebiggestcredit-rating agencies in the world.

• TARGET (Trans-European, Automated, Real-time, Gross Settlement, Express Transfer system):interbank payment system for thereal-time processing of cross-border money transfers throughout theEuropean Union.
• TARGET2: the 2nd generation ofTARGET Services, in place from 2007 to 2023.
• TEU (Treaty on European Union), also known as theMaastricht Treaty: it created in 1992 thethree-pillars structure of theEU and led to the creation of thesingle European currency.
• TSCG (Treaty on Stability, Coordination and Governance in the Economic and Monetary Union). Same as theFST (Fiscal Stability Treaty).

• List of people associated with the eurozone crisis

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