IAFEI Quarterly, Ninth Issue, January 31, 2009
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IAFEI Quarterly, 31st Issue January 14, 2016 Table of Contents ……………………page 1-3 Letter of the Chairman ………………………………………………………….......page 4 Read more > Letter of the Chief Editor ……………………………………………………………..page 5 Read more > World Congress IAFEI, Milano, Italy, Report: Innovation: The Quest for Competitiveness 45 th IAFEI World Congress, Milan 14 – 16 October 2015 By Paolo Bertoli, Editor in Chief ANDAF Magazine, provided by ANDAF, the Italian IAFEI Member Institute …………………………………………………………. page 6-16 Read more > Argentina, Article: The Chance for Argentina By Carl Moses, Frankfurter Allgemeine Zeitung, Frankfurt am Main, Germany, November 16, 2015 …………………………………………………………page 17-18 Read more > Asia, Article: Asia 2016 Forecasts: Managing Downside Risks By Mark Canlas, head of Sovereign and Industry Team in the bank’s Risk Management Unit, BDO Unibank, The Philippines, article provided by the IAFEI Member Institute from the Philippines …………………………………………………………..page 19-21 Read more > China, Article: China`s “New Normal”: Opportunities in a Slow-Growth Economy By T.Rowe.Price, Price Point, November 2015, article provided by Jacfo, The Japanese IAFEI Member Institute ……………………………………………………………page 22-26 Read more > China, Article: The Yuan Establishes Itself at the Expense of the Euro By Gerald Braunberger, Frankfurter Allgemeine Zeitung, Frankfurt am Main, Germany, December 2, 2015 ……………………………………………………………page 27-29 Please turn over Read more > IAFEI Quarterly | Issue 31 | 1 China, Germany, Article: China Experts from the City of Selb, Germany, Continue to Write Their Success Story By Dr. Hanns-Peter Ohl, Managing Director and CFO, Erich Netzsch & Co. Holding KG, Selb, Germany; from Börsen-Zeitung Spezial, Frankfurt am Main, Germany, October 13, 2015; www.netzsch.com; article provided by GEFIU, Association of Chief and Financial Officers Germany …………………………………………………………….page 30-33 Read more > Euro-Area, Speech: How to address the euro area´s economic challenges? Keynote speech at the 25th European Banking Congress Keynote Address by Dr. Jens Weidmann, President of the Deutsche Bundesbank/ German Central Bank, Frankfurt am Main, Germany, November 20, 2015 ……………………………………………………………page 34-41 Read more > Germany, Article: “The Subject Software is Being Decided by the Truck- Producers” Interview with Mr. Trepels, CFO of SAF-Holland Group, Germany, from Börsen-Zeitung, Frankfurt am Main, Germany, October 10, 2015 article provided by GEFIU, Association of Chief Financial Officers Germany …………………………………………………………………page42-50 Read more > Germany, Speech: Firm as a rock – is bank capital an all-purpose tool? The example of sovereign debt regulation Public Speech at Columbia University By Dr. Andreas Dombret, member of the executive board of the Deutsche Bundesbank/ German Central Bank, given at NewYork City, USA, December 4, 2015 ……………………………………………………………page 51-56 Read more > Financial Stability Board, Press Release: FSB issues final Total-Loss-Absorbing Capacity standard for global systemically important banks November 9, 2015, from www.fsb.org ………………………………………………………….. page 57-59 Read more > France, Philippines, Article: Putting the Philippines in the French Radar By H.E.MA.Theresa Lazaro, Ambassador of the Philippines in France; from magazine Finance&Gestion, Novembre-Décembre 2015, article provided by DFCG, the French IAFEI Member Institute …………………………………………………………… page 60-63 Read more > Please turn over IAFEI Quarterly | Issue 31 | 2 Italy, Article: United Nations – Tax Developments By Piergiorgio Valente, Chairman IAFEI International Working Committee Taxes; article provided by ANDAF, the Italian IAFEI Member Institute …………………………………………………………….page 64-65 Read more > UK, Article: The Bailout Lexicon By Sarah Boyce, associate director, policy and technical, ACT, and by Will Spinney, associate director of education, ACT, treasury, from The Treasurer, November 2015, ACT, UK …………………………………………………………….page 66-67 Read more > UK, Article: Optimal Capital Structures By Christina Leibl, head of capital structure Advisory, Lloyds Banking Group, and by Yuri Polyakov, head of financial risk advisory, at Lloyds Banking Group, from The Treasurer, October 2015, ACT, UK ……………………………………………………………page 68-69 Read more > IAFEI News: ………………………………………………………………page 70 Read more > Editorial Board IAFEI Quarterly: List of Members ………………………………………………………………page 70 Read more > IAFEI Quarterly | Issue 31 | 3 Dear Colleagues, I am most honoured to have been elected Chairman of IAFEI as of January 1st 2016. My first thoughts are to send very warm thanks to our past-chairman Luis Ortiz Hidalgo for his enthusia- stic and professional leadership over the last three years, which has brought significant progress visible to all. Indeed, in the last few months we have gained new member institutes representing CFOs from Tunisia, South Africa, Argentina and Brasil, and several others are currently in the process of adhering to our orga- nization. These new members are most welcome as we spread our representation globally, including for the first time institutes from Africa, a clear sign of the globalization of the economy in every area of the planet. Today IAFEI represents over 15,000 CFOs operating in 20 countries worldwide. The primary objective of the newly elected IAFEI Executive Committe is precisely that of increasing the importance and the representative image of IAFEI on the world stage, and strengthening its role in the economic and financial environment which is the focus of interest of our associates. To reach this objective, we must strengthen the IAFEI Technical Committees, whose role is considered strategic for the development of our association in analysing the different rules and laws which regulate the economic and financial activity worldwide, identifying and disseminating the best practices, and creating the foundations for increasing the professional expertise of our members. Another part of our plan must be to increase the value and the quality of our IAFEI QUARTERLY magazine, and to this end we have started by installing an Editorial Board and a Chief Editor. The latest edition alrea- dy has some interesting new features, and work will continue to make the format a successful must read for all our associates. Let me take this opportunity to wish each and every one of our members a happy and successful 2016, in every corner of the world! Fausto Cosi IAFEI Quarterly | Issue 31 | 4 IAFEI Quarterly | Issue 31 | 5 2 3 4 5 6 45TH IAFEI WORLD CONGRESS INNOVATION: THE QUEST FOR COMPETITIVENESS MILAN 14-16 OCTOBER 2015 IMPROVING COMPANIES’ COMPETITIVENESS THROUGH THEIR CAPACITY TO INNOVATE. THIS WAS THE CENTRAL THEME OF THE 45TH IAFEI WORLD CONGRESS ORGANISED BY ANDAF IN MILAN FROM 14 TO 16 OCTOBER 2015. THE WORKS OF THE CONGRESS CAN BE CONSULTED IN FULL ON THE ANDAF WEBSITE (AS A VIDEO), BUT, AS IS TRADITIONAL, WE PROVIDE A SHORT SUMMARY IN THESE PAGES IAFEI Quarterly | Issue 31 | 6 1 1. Palazzo Mezzanotte hosted the 45th IAFEI World Congress; 2. Fausto Cosi, Vice Chairman IAFEI and Chairman ANDAF; 3. Gabriele Fontanesi, IAFEI Organizing Committee Chairman; 4. Filippo Barberis, Councillor Municipality of Milan; 5. Luis Ortiz-Hidalgo, Chairman IAFEI; 6. the Congress is about to start PAOLO BERTOLI tionalisation programs implemented by companies over re- Editor in Chief ANDAF Magazine cent years are producing positive results, just as the Go- vernment’s reforms, for example the Jobs Act, are helping companies reduce production costs and encourage the re- “He who fails to innovate is lost” cruitment of young people. In short, in Italy the most serious In a constantly developing economic and social context, whi- stage of the crisis seems to be behind us, and there has been ch is governed by new rules and new players, “he who sto- a kind of natural selection. However, now is the time to look ps is lost”. When the level of competitiveness is high, what forward and return to investing, above all, in innovation». makes the difference is the ability of entrepreneurs to in- Cosi was echoed by the IAFEI Chairman Luis Ortiz-Hidal- novate. However, innovation must be a concept which goes go, «Also for IAFEI innovation is paramount» he recalled, beyond the production of goods and services, it must em- “with a view to introduce new services for its members, su- brace a broader viewpoint: it is necessary to innovate pro- ch as the five commissions which have been created over re- cesses, business models, the very way of being a CFO. This cent years: the International Financial Reporting Standards is the sense of the introductory speech by ANDAF Chair- (IFRS) Committee, the International Treasury Committee, man, Fausto Cosi, who said that, from this viewpoint, he was the International Tax Committee, the International Ob- confident about the future of the Italian economy. «There are servatory of Management Controller Committee and the signs,» said Cosi «that mean we can be optimistic: the ra- Anti-Corruption Committee». IAFEI Quarterly | Issue 31 | 7 A call to innovation as an essential lever for competition was also made by Gabriele Fontanesi, IAFEI Chairman and head of the Congress organising committee, who, in his wel- coming address, underlined how «every economy must try to always be competitive. Innovation and competitiveness must be all-round imperatives». Globalisation: the global economy and its trends «It’s impossible to conceive of a modern economy without innovation». So started, almost seamlessly with the intro- ductory speeches, former Prime Minister Romano Prodi who, in the opening