List of acronyms associated with the eurozone crisis

This is a list of acronyms and initialisms associated with the Euro area crisis.

A ABS (Asset-backed security): financial instrument whose payments are collateralized ("backed") by a pool of underlying assets that are usually small, illiquid and unable to be sold individually - hence the process of securitization. ANFA (Agreement on Net Financial Assets): confidential agreement between ECB and national central 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 to SMP programs in which ECB or the central banks are operating within the Eurosystem."Greece Déjà Vu All Over Again?" by Jeffrey Anderson & Jessica Stallings, Institute of International Finance, 27 November 2013 ARRA (American Recovery and Reinvestment Act; commonly called "the Stimulus Package”): legislation enacting net-deficit spending measures voted by the U.S. Congress and signed into law by President Barack Obama, in February 2009, often compared with stimulus measures undertaken by Eurozone member-states."Eurozone stimulus: A myth, some facts, and impact estimates" by Volker Wieland, Institute for Monetary and Financial Stability, Goethe University, Frankfurt, 5 September 2009"US fiscal stimulus worked – more evidence" by Bill Mitchell, 28 February 2011

B Basel III, the third framework developed by the Basel Committee on Banking Supervision that sets international standards for bank capital adequacy, bank stress tests, and accounting liquidity requirements. It was in response to the deficiencies in financial regulation revealed by the 2008 financial crisis. See CET1. Brexit or Brixit (British exit): term initially introduced in 2012 in world business trading, referring to the possibility that the United Kingdom could leave the European Union. Following the 2016 referendum, Britain exited from the European Union at 23:00 GMT on 31 January 2020, and, from then on, the term denotes a real event.

C CAC 1. Collective action clause: agreement in the issuance of bonds that allows a supermajority of bondholders to agree to a debt 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-determined exchange rates. CAR (Capital Adequacy Ratio, aka Capital-to-Risk Weighted Assets Ratio or CRAR): the ratio of a bank's capital to its risk. CDO (Collateralized debt obligation): type of structured asset-backed security (see ABS) with multiple tranches, issued by special purpose entities and collateralized by debt obligations, including bonds and/or loans. Each tranche offers a varying degree of risk and return so as to meet investor demand. CDOs' value & payments are derived from a portfolio of fixed-income underlying 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 loan default or other credit 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. An LCDS (Loan-only credit default swap) is a CDS whose underlying security is strictly a syndicated, secured loan, and never a bond. CEBS (Committee of European Banking Supervisors): former independent advisory committee of the European Union (EU), tasked with banking supervision within the EU. Predecessor of the European Banking Authority (EBA). CET1 (Common Equity Tier 1): percentage of bank capital that B III standards require banks to fund with RWAs (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 the Goethe University Frankfurt, which conducts applied research in the areas of financial markets, financial intermediaries and macroeconomics. COSAC ( - Conference of Community and European Affairs Committees of Parliaments of the European Union): conference of Members of the European Parliament and national Members of Parliament (MPs) drawn from parliamentary committees responsible for European Union affairs; mainly intended for personal contacts and exchange of information but also adopts proposals to EU institutions. CRAR: See CAR.

D 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), also DGE: branch of applied general-equilibrium economic theory, influential in contemporary macroeconomics. It attempts to explain aggregate economic phenomena (growth, business cycles, effects of monetary and/or fiscal policy, etc.) on the basis of macroeconomic models derived from microeconomic principles. The European Central Bank (ECB) uses a DSGE model (the Smets-Wouters model) to analyze the economy of the Eurozone as a whole.

E EBA (European Banking Authority): regulatory agency of the EU, established on 1 January 2011, whose activities include conducting stress 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 the European Union. EBS: redundant acronym for Ireland's largest building society, rescued in 2010 from bankruptcy by the government's emergency injection of capital, amidst the Post-2008 Irish banking crisis. ECB (European Central Bank): the institution of the European Union (EU) that administers the monetary policy of the Eurozone member-states and the exclusive issuer of euro banknotes. ECJ (European Court of Justice): the highest court in the European Union (EU) in matters of European Union law. ECOFIN (Economic and Financial Affairs Council): configuration of the Council of the European Union, composed by the Economics and Finance Ministers of all European Union member-states. ECON (Committee on Economic and Monetary Affairs): committee of the European Parliament, overseeing the actions of the European Central Bank (ECB). EEA (European Economic Area): the geographical free-trade area, established in 1994, that comprises the European Union and EFTA, except for Switzerland. EFC 1. European Fiscal Compact (also Fiscal Stability Treaty, or FST): treaty signed on 2 March 2012 by all member-states of the European Union (EU), except for the Czech Republic and the United Kingdom, by which all parties agree to introduce a national requirement to have national budgets that are in balance or in surplus. 2. Economic and Financial Committee: committee of senior representatives of member-states' finance ministries and central banks, plus representatives of the European Central Bank (ECB) and the European Commission. EFC prepares the work of the Economic and Financial Affairs Council (ECOFIN), in particular regarding deficits and issues related to the euro. EFSF (European Financial Stability Facility): special purpose vehicle financed by members of the Eurozone to address the Euro area crisis. EFSM (European Financial Stabilisation Mechanism): emergency funding programme reliant upon funds raised on the financial markets and guaranteed by the European Commission using the budget of the European Union as collateral. EFTA (European Free Trade Association): an association, established in 1960, of originally seven () and currently four European countries (Liechtenstein, Iceland, Norway, and Switzerland), which operates in parallel and is linked to the European 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 the European System of Financial Supervisors (ESFS). ELA (Emergency Liquidity Assistance): injections of liquidity to European private and central banks by the European Central Bank (ECB). EMU (Economic and Monetary Union; synonymous to Eurozone): umbrella term for the group of policies aimed at converging the economies of European Union members so as to allow them to adopt a single currency, the euro. Eonia (Euro OverNight Index Average): an effective overnight interest rate computed as the weighted average of all overnight unsecured lending transactions in the interbank market and calculated by the European Central Bank (ECB). (See also Euribor; see U.S. Federal Reserve overnight interest rate). ERM (European Exchange Rate Mechanism): system introduced by the European Community in 1979, as part of the European Monetary System (EMS), aiming to reduce exchange rate volatility and achieve monetary stability in Europe, in preparation for the Economic and Monetary Union and the introduction of the euro. ESA or ESA95 (European system of national and regional accounts): the European system of collecting comparable, up-to-date and reliable information on the economy of the European Union's member states. It is broadly consistent with the System of National Accounts of the United Nations. ESCB (European System of Central Banks): comprises the European Central Bank (ECB) and the national central banks (NCBs) of all European Union (EU) member-states. The Eurosystem, and not ESCB, is the responsible authority on all issues concerning the European common currency (€). ESFS (European System of Financial Supervisors): the institutional architecture of the EU financial supervision, created in response to the 2008 financial crisis. It comprises the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA). ESM (European Stability Mechanism): international organisation located in Luxembourg, which provides financial assistance to Eurozone members in financial difficulty, replacing EFSF and EFSM, which will continue to handle transfer and monitoring of the previously approved bailout loans for Ireland, Portugal and Greece. 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 the macro-prudential oversight of the financial system within the European Union. It is under the responsibility of the European Central Bank (ECB). EU (European Union): the economic and political union or confederation of 28 European member-states. Euribor (Euro Interbank Offered Rate): the daily reference rate based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the Euro wholesale money market (or interbank market). Euribors are used as a reference rate for Euro-denominated instruments, just as LIBORs are commonly used for Sterling and US dollar-denominated instruments. (See also Eonia.) Eurodad (European Network on Debt and Development): network of European non-governmental organisations that research issues related to debt, development finance and poverty reduction.