Social Protection Expenditure and Its Financing in Europe: a Study Of

Total Page:16

File Type:pdf, Size:1020Kb

Social Protection Expenditure and Its Financing in Europe: a Study Of Social protection expenditure and its financing in Europe A study of national policies Slavina Spasova and Terry Ward Benchmark EUROPEAN COMMISSION Directorate-General for Employment, Social Affairs and Inclusion Directorate C Social Affairs Unit C.2 Modernisation of social protection systems Contact: Giulia Pagliani E-mail: [email protected] European Commission B-1049 Brussels European Social Policy Network (ESPN) Social protection expenditure and its financing in Europe A study of national policies 2019 Slavina Spasova (OSE European Social Observatory) and Terry Ward (Applica) The authors would like to thank Bart Vanhercke for his contribution to the exposition of the role of social protection policies in the European context (see the Preface) as well as for his continuous intellectual support throughout the writing of the report. They also wish to thank Eric Marlier (ESPN project director) for his excellent comments, Erhan Özdemir of Applica for his help in processing the data, preparing tables and graphs and producing the estimates of financing by function from the ESSPROS data by scheme, Rachel Cowler for her editorial support, Chiara Belletti (research intern from the University of Milan) for her research assistance. Many thanks also to European Commission (DG EMPL) colleagues for their valuable feedback on the draft report. The European Social Policy Network (ESPN) was established in July 2014 on the initiative of the European Commission to provide high-quality and timely independent information, advice, analysis and expertise on social policy issues in the European Union and neighbouring countries. The ESPN brings together into a single network the work that used to be carried out by the European Network of Independent Experts on Social Inclusion, the Network for Analytical Support on the Socio-Economic Impact of Social Protection Reforms (ASISP) and the MISSOC (Mutual Information Systems on Social Protection) secretariat. The ESPN is managed by the Luxembourg Institute of Socio-Economic Research (LISER), APPLICA and the European Social Observatory (OSE). For more information on the ESPN, see: http:ec.europa.eusocialmain.jsp?catId=1135&langId=en Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE This document has been prepared for the European Commission. However it reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. More information on the European Union is available on the Internet (http:www.europa.eu). ISBN 978-92-76-08768-7 Doi 10.2767/145960 © European Union, 2019 Reproduction is authorised provided the source is acknowledged. Quoting this report: Spasova S. and Ward T. (2019). Social protection expenditure and its financing in Europe, A study of national policies 2019, European Social Policy Network (ESPN), Brussels: European Commission. Social protection expenditure and its financing in Europe Synthesis Report CONTENTS OFFICIAL COUNTRY ABBREVIATIONS ...................................................................................................................................... 6 PREFACE.................................................................................................................................................................................................. 7 EXECUTIVE SUMMARY .................................................................................................................................................................. 11 INTRODUCTION ................................................................................................................................................................................ 16 1 CURRENT LEVELS AND CHANGES IN SOCIAL PROTECTION EXPENDITURE ............................................. 17 1.1 Variations in social protection expenditure between countries and since 2005 ...................... 17 1.2 Social expenditure in EU Candidate Countries and Potential Candidates ..................................... 37 2 SOCIAL PROTECTION FINANCING AND CHANGES IN THE SOURCES OF THIS OVER THE PERIOD 2005-2016 ........................................................................................................................................................................................ 39 2.1 The overall financing of social protection and changes over the period 2005-2016 ........... 39 2.2 Current mix and recent changes in the sources of social protection financing ........................ 41 2.3 Division of funding from social contributions by source ........................................................................ 47 2.4 The design of taxes and social contributions ............................................................................................... 52 2.5 EU Candidate Countries and Potential Candidates: overview of the financing of social protection ....................................................................................................................................................................................... 55 3 SOCIAL PROTECTION EXPENDITURE AND FINANCING BY FUNCTION ......................................................... 56 3.1 Division of social protection expenditure by function .............................................................................. 56 3.2 Breakdown of social protection financing by function ............................................................................ 81 3.3 Changes in the financing mix in EU Candidate countries and potential Candidates by function ........................................................................................................................................................................................ 112 4 STRENGTHS AND WEAKNESSES OF THE FINANCING MIX AND FUTURE SOURCES OF FINANCING: NATIONAL DEBATES ................................................................................................................................................................... 117 4.1 Adaptability to demographic and economic changes ........................................................................... 117 4.2 The risk of revenue evasion ................................................................................................................................. 119 4.3 Social redistribution .................................................................................................................................................. 120 4.4 Vulnerability to structural changes in the labour market ................................................................... 123 4.5 Labour market costs and work incentives for low-income earners .............................................. 124 4.6 Administrative costs ................................................................................................................................................. 125 4.7 Conclusion: strengths and weaknesses in the financing mix for social protection .............. 126 REFERENCES ................................................................................................................................................................................... 128 ANNEX 1: TABLE A.1 CHANGES IN THE ESSPROS PRICE INDEX FOR SOCIAL PROTECTION EXPENDITURE AND CHANGES IN THE GDP DEFLATOR, 2005-2016 ANNEX 2: ESSPROS TABLES ANNEX 3: PRESENTATION OF THE EUROPEAN SOCIAL POLICY NETWORK APRIL 2019 5 Synthesis Report Social protection expenditure and its financing in Europe OFFICIAL COUNTRY ABBREVIATIONS A. EU Countries EU countries prior to EU countries that joined in 2004, 2007 and 2013 2004, 2007 enlargements (EU-15) or 2013 BE Belgium 2004 Enlargement DK Denmark CZ Czechia DE Germany EE Estonia IE Ireland CY Cyprus EL Greece LV Latvia ES Spain LT Lithuania FR France HU Hungary IT Italy MT Malta LU Luxembourg PL Poland NL The Netherlands SI Slovenia AT Austria SK Slovakia PT Portugal FI Finland 2007 Enlargement SE Sweden BG Bulgaria UK United Kingdom RO Romania 2013 Enlargement HR Croatia In EU averages, countries are weighted by their population sizes. B. EU Candidate countries and potential candidate countries covered by the ESPN EU candidate countries and potential candidates AL Albania BA Bosnia and Herzegovina ME Montenegro MK North Macedonia RS Serbia TR Turkey XK* Kosovo1 * 1 *This designation is without prejudice to positions on status, and is in line with UNSCR 1244 and the ICJ Opinion on the Kosovo Declaration of Independence. 6 Social protection expenditure and its financing in Europe Synthesis Report PREFACE Comprehensive social protection systems are the cornerstones of European Union (EU) Member State protection is enshrined in the Treaty on the Functioning of the European Union (TFEU, Art. 9), which stipulates that ivities, the Union shall take into of human health Over the past few decades, structural pressures such as demographic ageing and changing patterns of work as well as the consequences of the Great Recession which struck European economies in 2008-2010 have challenged national social protection systems in their role of ensuring adequate support to all those in need. In this context, policy responses to these challenges have had a major effect on expenditure levels (mainly cost-containment policies) and the
Recommended publications
  • Forest Fires in Europe 2010
    Report No 11 FFoorreesstt FFiirreess in Europe in Europe 22001100 EUR 24910 EN - 2011 DIRECTORATE-GENERAL ENVIRONMENT Forest Fires in Europe 2010 Contacts: JOINT RESEARCH CENTRE Institute for Environment and Sustainability Land Management and Natural Hazards Unit Guido Schmuck [email protected] Jesús San-Miguel-Ayanz [email protected] Andrea Camia [email protected] Tracy Durrant [email protected] Sandra Santos de Oliveira [email protected] Roberto Boca [email protected] Ceri Whitmore [email protected] Cristiano Giovando [email protected] Giorgio Libertá [email protected] Paolo Corti [email protected] DIRECTORATE-GENERAL ENVIRONMENT Directorate B: Nature Agriculture, Forests & Soil Unit Ernst Schulte [email protected] MEMBER STATES AND OTHER EUROPEAN COUNTRIES See list of contributors for country reports. Sources of data and comments are also given in the text. The mission of the JRC-IES is to provide scientific-technical support to the European Union’s policies for the protection and sustainable development of the European and global environment. European Commission Joint Research Centre Institute for Environment and Sustainability Contact information Address: TP261, Via Fermi, 2749 - 21027 - Ispra (VA) - Italy E-mail: [email protected] Tel.: +39 0332 78 6138 Fax: +39 0332 78 5500 http://ies.jrc.ec.europa.eu/ http://www.jrc.ec.europa.eu/ Legal Notice Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use which might be made of this publication.
    [Show full text]
  • Cyprus Single Vs Multiple Competing Purchasing Agencies: Analysis of Options for the Health System in Cyprus 53
    Single vs multiple competing purchasing agencies: analysis of options for the health system in Cyprus Sarah Thomson Patrick Jeurissen Health Financing Policy Papers Cyprus WHO Barcelona Office for Health Systems Strengthening The WHO Barcelona Office is a centre of excellence in health financing for universal health coverage (UHC). We work with Member States across WHO’s European Region to promote evidence-informed policy making. A key part of our work is to assess country and regional progress towards UHC by monitoring financial protection – the impact of out-of-pocket payments for health on living standards and poverty. Financial protection is a core dimension of health system performance and an indicator for the Sustainable Development Goals. We support countries to develop policy, monitor progress and design reforms through a combination of health system problem diagnosis, analysis of country-specific policy options, high-level policy dialogue and the sharing of international experience. Our office is also the home for WHO training courses on health financing and health systems strengthening for better health outcomes. The WHO Barcelona Office is part of the Division of Health Systems and Public Health of the Regional Office for Europe. Established in 1999, it is supported by the Government of the Autonomous Community of Catalonia, Spain. © Foto: Robert Ramos/FPHSP Single vs multiple competing purchasing agencies: analysis of options for the health system in Cyprus Sarah Thomson Patrick Jeurissen Health Financing Policy Papers Single vs multiple competing purchasing agencies: analysis of options for the health system in Cyprus ii Single vs multiple competing purchasing agencies: analysis of options for the health system in Cyprus iii Abstract Keywords This report considers the requirements, advantages and risks associated Insurance, Health with operating a proposed new national health system in Cyprus through Single-Payer System a single purchasing agency versus through multiple competing purchasers.
    [Show full text]
  • Cyprus Main Report Directorate General Regional Policy a Report Submitted By
    STRATEGIC EVALUATION ON ENVIRONMENT AND RISK PREVENTION UNDER STRUCTURAL AND COHESION FUNDS FOR THE PERIOD 2007-2013 Contract No. 2005.CE.16.0.AT.016. National Evaluation Report for Cyprus Main Report Directorate General Regional Policy A report submitted by in association with Andrew Farmer, Vanessa Aufenanger, Samuela Bassi, Patrick ten Brink and Jason Anderson Institute for European Environmental Policy, IEEP 18 Avenue des Gaulois, B1040 Brussels, Belgium & 28 Queen Anne’s Gate London, SW1H 9AB, UK Date: November 10th, 2006 GHK Brussels Rue de la Sablonnière, 25 B-1000 Brussels Tel: +32 (0)2 275 0100; Fax : +32 (2) 2750109 GHK London 526 Fulham Road London, United Kingdom SW6 5NR Tel: +44 20 7471 8000; Fax: +44 20 7736 0784 www.ghkint.com TABLE OF CONTENTS EXECUTIVE SUMMARY................................................................................................................. 1 1 OVERVIEW AND HORIZONTAL ISSUES ............................................................................... 2 1.1 Country overview.................................................................................................................... 2 1.2 Status of implementing the EU environmental Acquis........................................................... 4 1.3 Environmental Policies, Strategies and Planning .................................................................. 5 1.4 Overview of national environmental expenditure ................................................................... 7 1.5 Insights on past programming/funding..................................................................................
    [Show full text]
  • Analysis of Country Guidelines on Gender Equality Plans
    Pilot experiences for improving gender equality in research organisations Start date of project: 1st May2018 Duration: 48 months D3.1 - Analysis of Country Guidelines WP n° and title WP3–Evaluation of Drivers for GEPs Implementation Responsible Author(s) ZRC SAZU – Tanja Petrović, Jovana Mihajlović Trbovc, Ana Hofman Contributor(s) UNISA, MIGAL, CIC NanoGUNE, CNTI, GSGE, ANPR Version v.final This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 788171 D3.1 - Analysis of Country Guidelines Dissemination level – PU Deliverable information Status D (F: final; D: draft; RD: revised draft): Planned delivery date 31/05/2018 (M1) Actual delivery date 29/06/2018 (M2)* Dissemination level: PU (PU = Public; PP = Restricted to other program participants; RE = Restricted to a group specified by the consortium; CO = Confidential, only for members of the consortium) Type: Report, Website, Other, Ethics Report (*) Actual delivery date has been approved by the EC officer. The need of extension has been communicated in occasion of the Kick-off Meeting and then, formal request of extension and approval have been made via Participant Portal. Document History Version Date Created/Amended by Changes (MM/DD/YYYY) 01 06/08/2018 ZRC SAZU The first complete draft Feedback by contributing piloting partners 02 06/15/2018 ZRC SAZU incorporated Quality check feedback by UNISA team 03 06/27/2018 ZRC SAZU incorporated Quality check review Reviewer (s) Main changes OGEPO/UNISA team Adjustment of template, adding the project’s logo in the file and few revisions in the content of the document R&I PEERS - GA n° 788171 Page 2 of 44 D3.1 - Analysis of Country Guidelines Dissemination level – PU Content 1 LIST OF ABBREVIATIONS AND DEFINITIONS .......................................................................................
    [Show full text]
  • The Cyprus Review
    THE CYPRUS REVIEW A Journal of Social, Economic and Political Issues Spring 2014 G Volume 26 G Number 1 Published by the University of Nicosia V O L U M E 2 6 N U M B E R 1 THE CYPRUS REVIEW A Journal of Social, Economic and Political Issues The Cyprus Review, a Journal of Social, Economic and Political Issues, P.O. Box 24005 1700 Nicosia, Cyprus. Telephone: 22-353702 ext 301, 22-841500 E-mail: [email protected] Telefax: 22-353682, 22-357481, www.unic.ac.cy To access site: > Research/Publications > The Cyprus Review Subscription Office: The Cyprus Review University of Nicosia 46 Makedonitissas Avenue 1700 Nicosia, Cyprus Copyright: © 2014 University of Nicosia, Cyprus. ISSN 1015-2881. All rights reserved. No restrictions on photo-copying. Quotations from The Cyprus Review are welcome, but acknowledgement of the source must be given. TCR Editorial Team Guest Editor of this Special Issue: Barbara Karatsioli Editor in Chief: Hubert Faustmann Co-Editors: Craig Webster (Book Reviews) Olga Demetriou Managing Editor: Nicos Peristianis Publications Editor: Christina McRoy EDITORIAL BOARD V O L U M E 2 6 N U M B E R 1 Costas M. Constantinou University of Nicosia, Cyprus Ayla Gürel PRIO Cyprus Centre Maria Hadjipavlou University of Cyprus Mete Hatay PRIO Cyprus Centre Yiannis E. Ioannou University of Cyprus Joseph Joseph University of Cyprus Michael Kammas Director General, Association of Cyprus Commercial Banks Erol Kaymak Political Science Association, Cyprus Diana Markides University of Cyprus Caesar Mavratsas University of Cyprus Farid Mirbagheri University of Nicosia, Cyprus Maria Roussou The Pedagogical Institute of Cyprus / Ministry of Education & Culture, Cyprus Nicos Trimikliniotis Centre for the Study of Migration, Inter-ethnic and Labour Relations/ University of Nicosia INTERNATIONAL ADVISORY BOARD V O L U M E 2 6 N U M B E R 1 Peter Allen John T.A.
    [Show full text]
  • Sprouting Integrative Oncology Collaborations in the Middle East Eran Ben-Arye, Elad Schiff, Mariana Steiner, and Michael Silbermann
    VOLUME 29 ⅐ NUMBER 7 ⅐ MARCH 1 2011 JOURNAL OF CLINICAL ONCOLOGY THE ART OF ONCOLOGY Wheatgrass in Afifi’s Garden: Sprouting Integrative Oncology Collaborations in the Middle East Eran Ben-Arye, Elad Schiff, Mariana Steiner, and Michael Silbermann From the Lin Medical Center, Clalit Afifi’s Story of an interrelated process—a curse involving the Health Services; Technion-Israel Insti- Afifi, a 46-year-old mother of four children, was stomach of Afifi and the spleen of Saleh. tute of Technology; Bnai-Zion Hospital; International Center for Health, Law admitted to the oncology service at the Lin Medical The IP asked Afifi about her main expectations and Ethics, Haifa University; and Middle Center in Haifa, Israel, after partial gastrectomy and regarding the integrative consultation. Afifi was in- East Cancer Consortium, Haifa, Israel. omentectomy for locally advanced stomach carci- terested in symptom control, with fatigue and pain Submitted October 26, 2010; accepted noma. After the first adjuvant chemotherapy treat- being the most bothersome. She also wanted to December 6, 2010; published online ahead of print at www.jco.org on ment with cisplatin, epirubicin, and fluorouracil know more about what to eat or avoid eating during January 10, 2011. (CEF), Afifi suffered extreme fatigue, dizziness and the chemotherapy treatment. Although Afifi had Authors’ disclosures of potential con- lightheadedness, headaches, shoulder pain, mouth had a consultation with a clinical dietician after sur- flicts of interest and author contribu- sores, nausea and vomiting, severe diarrhea, poor gery, she still sought physician guidance about in- tions are found at the end of this appetite, difficulty sleeping, and bothersome anx- gesting foods and plants, because she had already article.
    [Show full text]
  • Downloaded Them
    fishes Article Integrating Literature, Biodiversity Databases, and Citizen-Science to Reconstruct the Checklist of Chondrichthyans in Cyprus (Eastern Mediterranean Sea) Ioannis Giovos 1,2,3,4,*, Fabrizio Serena 5 , Dimitra Katsada 2,6 , Athanasios Anastasiadis 2,3 , Adi Barash 7,8, Charis Charilaou 9, Jason M. Hall-Spencer 10,11 , Fabio Crocetta 12 , Alexander Kaminas 2 , Demetris Kletou 1,13, Mary Maximiadi 2, Vasileios Minasidis 2,3 , Dimitrios K. Moutopoulos 3 , Roxani Naasan Aga-Spyridopoulou 2, Ioannis Thasitis 9 and Periklis Kleitou 1,2,10 1 Marine and Environmental Research (MER) Lab, Limassol 4533, Cyprus; [email protected] (D.K.); [email protected] (P.K.) 2 iSea, Environmental Organisation for the Preservation of the Aquatic Ecosystems, 54645 Thessaloniki, Greece; [email protected] (D.K.); [email protected] (A.A.); [email protected] (A.K.); [email protected] (M.M.); [email protected] (V.M.); [email protected] (R.N.A.-S.) 3 Department of Animal Production, Fisheries & Aquaculture, University of Patras, 30200 Mesolongi, Greece; [email protected] 4 Department of Biology, University of Padova, Via U. Bassi 58/B, I-35131 Padova, Italy 5 Institute for Marine Biological Resources and Biotechnology, National Research Council (CNR-IRBIM), I-91026 Mazara del Vallo, Italy; [email protected] 6 Citation: Giovos, I.; Serena, F.; School of Spatial Planning and Development, Faculty of Engineering, Aristotle University of Thessaloniki, 54124 Thessaloniki, Greece Katsada, D.; Anastasiadis, A.; Barash, 7 School of Marine Sciences, University of Haifa, Mt. Carmel, Haifa 3498838, Israel; [email protected] A.; Charilaou, C.; Hall-Spencer, J.M.; 8 Sharks in Israel, NGO for the Conservation of Sharks and Rays, Amirim 1214000, Israel Crocetta, F.; Kaminas, A.; Kletou, D.; 9 Department of Fisheries and Marine Research, Fisheries Resources Division, Nicosia 2033, Cyprus; et al.
    [Show full text]
  • Supranational Organizations and Legitimacy: How the 2008 Global Economic Crisis Has Affected Public Opinion on Membership in the EU
    University of Central Florida STARS Electronic Theses and Dissertations, 2004-2019 2014 Supranational Organizations and Legitimacy: How the 2008 Global Economic Crisis has affected Public Opinion on Membership in the EU Briana Vargas-Gonzalez University of Central Florida Part of the American Politics Commons, and the Comparative Politics Commons Find similar works at: https://stars.library.ucf.edu/etd University of Central Florida Libraries http://library.ucf.edu This Masters Thesis (Open Access) is brought to you for free and open access by STARS. It has been accepted for inclusion in Electronic Theses and Dissertations, 2004-2019 by an authorized administrator of STARS. For more information, please contact [email protected]. STARS Citation Vargas-Gonzalez, Briana, "Supranational Organizations and Legitimacy: How the 2008 Global Economic Crisis has affected Public Opinion on Membership in the EU" (2014). Electronic Theses and Dissertations, 2004-2019. 4745. https://stars.library.ucf.edu/etd/4745 SUPRANATIONAL ORGANIZATIONS AND LEGITIMACY: HOW THE 2008 GLOBAL ECONOMIC CRISIS HAS AFFECTED PUBLIC OPINION ON MEMBERSHIP IN THE EU by BRIANA VARGAS-GONZALEZ B.A. University of Central Florida, 2011 A thesis submitted in partial fulfillment of the requirements for the degree of Master of Arts in the Department of Political Science in the College of Sciences at the University of Central Florida Orlando, Florida Summer Term 2014 © 2014 Briana Vargas-Gonzalez ii ABSTRACT This thesis examines public opinion towards membership in the EU, before and after the 2008 global economic crisis, in the newest member states to join the institution in 2004 (the Czech Republic, Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia) and 2007 (Bulgaria and Romania).
    [Show full text]
  • Window on Cyprus
    WINDOW ON CYPRUS “Cyprus is not a detail, a mere island at the edge of the Mediterranean Sea; today it has been transformed into the fateful centre, where the moral values of contemporary man are at stake. ... For us this is a good moment to forget our passions and our petty cares; for each man of us with his own God- given gifts to follow the path of freedom throughout the land of Cyprus. And we must share her grief, her upsurge, her danger, insofar as we are capable, and surely later on her great joy as well.” Nikos Kazantzakis (From his essay “The Angels of Cyprus”). Gold-green leaf Land of the lemon and the olive tree land of warm embraces, land of joy land of the pine and the cypress tree land of fine young men, land of love a gold-green leaf cast upon the open sea Land of the parched prairie land of the bitter Virgin land of the warm wind and unfair loss land of wild weather and volcanoes a gold-green leaf cast upon the open sea Land of the laughing girls land of the tipsy boys land of unction and salutations Cyprus, land of love and dreams a gold-green leaf cast upon the open sea Leonidas Malenis (Translated by John Vickers) window on cyprus P.I.O. 219/2015 - 4.000 Photography: The majority of the photographs used ISBN 978-9963-50-351-3 in the book come from the photographic archive of the Press and Information Offi ce. In addition, a number of institutions and individuals have generously given their Published by the Press and Information Offi ce, permission for the use of photographs in the book.
    [Show full text]
  • Financial Crisis
    lobal f G Ec o o l n Fiedler, J Glob Econ 2019, 7:1 a o n m r DOI: 10.4172/2375-4389.1000323 u i c o s J $ Journal of Global Economics ISSN: 2375-4389 Research Article OpenOpen Access Access Saving Cyprus from its “Financial Crisis” in 2013 by the Troika: A Necessary Action Under the Right Terms and Conditions? Frederic Florian Hans-Joachim Fiedler* Faculty of Business and Economics, Technical University Dresden, Germany Abstract At June 25th 2012 Cyprus asked the Troika for financial aid after the two biggest banks of the small island state got into distress due to the contagion of the financial crisis from Greece. There were losses piled up of around 4 Bn. Euro. Through interlinkages between the public sector and the banking sector and an ever-intensifying financial crisis in the Eurozone, Cyprus was in jeopardy of losing the capability of repaying its debts. Since then among the EU-members (in politics as well as in society) the question of a bail-out necessity for distressed countries, particularly Greece and Cyprus were discussed. This paper discusses pros and cons of an imminent rescue-package in for Cyprus in terms of necessities as well as specifically a combined bail-out bail-in mechanism. The findings suggest, that both, generally and specifically regarding the Cypriot case, bail-ins have shown to be effective in reducing the financing needs for respective governments and creditors. Nevertheless, such measures do not come without a price. Therefore, political, social and cultural aspects and impacts on the citizens are regarded in this work.
    [Show full text]
  • EUROPEAN COMMISSION Brussels, 30.5.2012 SWD(2012)
    EUROPEAN COMMISSION Brussels, 30.5.2012 SWD(2012) 308 final COMMISSION STAFF WORKING DOCUMENT Assessment of the 2012 national reform programme and stability programme for CYPRUS Accompanying the document Recommendation for a COUNCIL RECOMMENDATION on Cyprus' 2012 national reform programme and delivering a Council opinion on Cyprus' updated stability programme, 2012-2015 {COM(2012) 308 final} EN EN CONTENTS EXECUTIVE SUMMARY.................................................................................................3 1. INTRODUCTION.......................................................................................................4 2. ECONOMIC DEVELOPMENTS AND CHALLENGES ..........................................5 2.1. Recent economic developments and outlook ....................................................5 2.2. Challenges .........................................................................................................6 3. ASSESSMENT OF THE POLICY AGENDA ...........................................................9 3.1. Fiscal policy and taxation..................................................................................9 3.2. Financial sector................................................................................................13 3.3. Labour market, education and social policies .................................................15 3.4. Growth and competitiveness structural measures ...........................................18 3.5. Modernisation of public administration ..........................................................21
    [Show full text]
  • Annual Report 2010
    annual report 2010 At the Bank of Cyprus Group, technology is the driving force behind our transformation into a integrated digital bank, for the benefit of our customers, shareholders and staff no matter where they are. For this reason, we are implementing a plan to ensure that all our future products and services incorporate the advantages afforded by information and communication technologies. Our integrated information management system will also allow us to remove the distance barriers between the various countries in which we do business. In addition to using technology to process and manage data, we also employ it to support the social contribution the Group makes. The Oikade programme relies on technology, and this year’s initiative to publish the Bank’s Annual Report in electronic format for the first time is part of our contribution to protecting the environment. Transforming Bank of Cyprus into a next generation bank annual report 2010 contents page Company Profile 3 Group Financial Highlights 4 Strategy and Priorities 6 Vision and Mission 8 Board of Directors and Senior Executive Management 9 Chairman’s Statement 10 2 Group Chief Executive Officer’s Statement 13 Vice-Chairman’s Statement 15 Shareholder Information 16 Group Operations 20 Introduction to Group Operations 21 Corporate Social Responsibility 41 Corporate Governance Report 52 Summary of Results 61 Financial Statements 68 Other Information 172 Click on the subject of interest BANK OF CYPRUS GROUP annual report 2010 company profile Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. Τhe Group offers a wide range of financial products and services which include banking services, leasing, factoring, investment banking, brokerage, fund management, life and general insurance.
    [Show full text]