e: Empirical Research Partners. Michael Cembalest Chief Investment Officer CBO Congressional Budget Office OMB Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund IF Institute of International Finance ECB European Centr

s the foundations of the fiscal self-responsibility that EMU is built on". CBO Congressional Budget Office OMB • Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT_031163 --- PAGE BREAK --- IF Institute o

crisis: is this a banking problem?", Jordi Gual, iESE Business School, September 2011 NPL = Non-performing loan ECB = European Central Bank EFSF = European Financial Stability Facility The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Conbalect and may differ fr

crisis: is this a banking problem?", Jordi Gual, iESE Business School, September 2011 NPL = Non-performing loan ECB = European Central Bank EFSF = European Financial Stability Facility The material contained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Conbalect and may differ fr