DOCSLIB.ORG

PRESS RELEASE Economic and Financial Affairs

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
PRESS RELEASE Economic and Financial Affairs COUNCIL OF THE EUROPEAN UNION EN 11464/07(Presse 160) PRESS RELEASE 2813th Council meeting Economic and Financial Affairs Brussels, 10July 2007 President Mr Fernando TEIXEIRA DOS SANTOS Minister of State, Minister for Finance of Portugal P R E S S Rue de la Loi 175 B – 1048 BRUSSELS Tel.: +32 (0) 2 281 6083 / 6319 Fax: +32 (0)2 281 8026 [email protected] http://www.consilium.europa.eu/Newsroom 11464/07(Presse 160) 1 EN 10.VII.2007 Main results of the Council The Council adopted decisions allowing Cyprus and Malta to adopt the euro as from 1 January 2008 , and setting conversion rates for the Cypriot pound and Maltese lira against the euro. The decisions will enlarge the euro area from 13 to 15 member states. Ministers reached broad agreement on the candidacy of Dominique Strauss-Kahn as managing director of the IMF following the resignation of Rodrigo Rato. The Council adopted a decision establishing that the Czech Republic has failed to comply with its recommendation on measures needed in order to bring the Czech general government deficit below the EU's 3% of GDP maximum threshold. It decided that no further action is required at this stage as regards Hungary , following its most recent recommendation, whilst confirming the need to continue to monitor closely Hungary's excessive deficit situation. The Council also adopted conclusions on governance and funding issues regarding the International Accounting Standards Board. 11464/07(Presse 160) 2 EN 10.VII.2007 CONTENTS 1 PARTICIPANTS........................................................................................................................... 5 ITEMS DEBATED PRESIDENCY WORK PROGRAMME ......................................................................................... 7 STABILITY AND CONVERGENCE PROGRAMMES................................................................. 8 Austria andthe Czech Republic ...................................................................................................... 8 EXCESSIVE DEFICIT PROCEDURE ........................................................................................... 9 Czech Republic............................................................................................................................... 9 Hungary.......................................................................................................................................... 9 ADOPTION OF THE EURO BY CYPRUS AND MALTA.......................................................... 11 PUBLIC FINANCES UNDER THE STABILITY AND GROWTH PACT................................... 12 ACCOUNTING STANDARDS - IASB GOVERNANCE AND FINANCING ............................. 13 GALILEO SATELLITE NAVIGATION SYSTEM - FINANCING ASPECTS ............................ 15 MEETINGS IN THE MARGINS OF THE COUNCIL ................................................................. 16 Eurogroup..................................................................................................................................... 16 Ministerial breakfast meetingon the economic situation................................................................ 16 OTHER ITEMS APPROVED ECONOMIC AND FINANCIAL AFFAIRS – VAT- Austria - Frontier power station .............................................................................................................17 COMMON FOREIGN AND SECURITY POLICY – Georgia/SouthOssetia .....................................................................................................................................17 1 Wheredeclarations,conclusions orresolutionshave beenformallyadopted bytheCouncil,thisisindicated inthe headingfortheitemconcernedandthetext is placed betweenquotation marks. Documents forwhichreferencesaregiveninthe textareavailableontheCouncil'sInternetsite (http://www.consilium.europa.eu). ActsadoptedwithstatementsfortheCouncil minutes which may bereleasedtothe publicareindicated by anasterisk;thesestatementsareavailableontheCouncil'sInternetsiteor may be obtained fromthe Press Office. 11464/07(Presse 160) 3 EN 10.VII.2007 EMPLOYMENT – Guidelines for employment policies * ..............................................................................................................18 RESEARCH – Agreement withIsrael onscientific andtechnical cooperation..........................................................................18 ENERGY – Convention on the physical protection of nuclear material andnuclear facilities*..............................................18 FISHERIES – Import quotas for fishery products *.................................................................................................................19 – Exploitationof fisheries resources....................................................................................................................19 – Fisheries agreement withKiribati.....................................................................................................................19 APPOINTMENTS – EuropeanEconomic and Social Committee......................................................................................................20 11464/07(Presse 160) 4 EN 10.VII.2007 PARTICIPANTS The governments of the Member States andthe European Commission were representedas follows: Belgium: Mr Didier REYNDERS Deputy Prime Minister andMinister for Finance Bulgaria: Mr Plamen Vassilev ORESHARSKI Minister for Finance Czech Republic: Mr Miroslav KALOUSEK Minister of Finance Denmark : Mr Claus GRUBE Permanent Representative Germany : Mr Peer STEINBRÜCK Federal Minister for Finance Estonia: Mr Ivari PADAR Minister for Finance Ireland: Mr BrianCOWEN Minister for Finance Greece: Mr Georgios ALOGOSKOUFIS Minister of National Economy andFinance Spain: Mr Pedro SOLBES MIRA SecondDeputy Prime Minister and Minister for Economic Affairs and Finance France: Ms Christine LAGARDE Minister for Economic Affairs, Finance and Employment Italy: Mr Tommaso PADOA SCHIOPPA Minister for Economic Affairs and Finance Cyprus: Mr Michalis SARRIS Minister for Finance Latvia: Mr Oskars SPURDZIĥŠ Minister for Finance Lithuania: Mr Rimantas ŠADŽIUS Minister for Finance Luxembourg: Mr JeanClaude JUNCKER Prime Minister, "Ministre d'Etat", Minister for Finance Hungary: Mr János VERES Minister for Finance Malta: Mr Lawrence GONZI Prime Minister, Minister for Finance Netherlands: Mr Wouter Jacob BOS Deputy Prime Minister, Minister for Finance Austria: Mr Wilhelm MOLTERER Vice Chancellor andFederal Minister for Finance Poland: Ms Marta GAJĘCKA Undersecretary of State, Ministry of Finance Portugal: Mr Fernando TEIXEIRA DOS SANTOS Ministro of State, Minister for Finance Romania: Mr Varujan VOSGANIAN Minister for the Economy andTrade Slovenia: Mr Andrej BAJUK Minister for Finance 11464/07(Presse 160) 5 EN 10.VII.2007 Slovakia: Mr Peter KAŽIMÍR State Secretary at the Ministry of Finance Finland: Mr Eikka KOSONEN Permanent Representative Sweden: Mr Anders BORG Minister for Finance United Kingdom: Mr Alistair DARLING Chancellor of the Exchequer Commission: Mr Joaquin ALMUNIA Member Other participants: Mr Lucas PAPADEMOS Vice-President of the European Central Bank Mr Philippe MAYSTADT President of the EuropeanInvestment Bank Mr Xavier MUSCA Chairman of the Economic andFinancial Committee Mr Joe GRICE Chairman of the Economic Policy Committee 11464/07(Presse 160) 6 EN 10.VII.2007 ITEMS DEBATED PRESIDENCY WORK PROGRAMME The Council took note of the presentation by the Portuguese presidency of a workprogramme for economic andfinancial affairs for the duration of its tenure, from July to December 2007 (11314/07) . The Council heldan exchange of views. The work programme focuses on the followingissues: • economic policy: in particular enlargement of the euroarea, implementation of the stability and growth pact, improvingthe quality of public finances, the Lisbon strategy for jobs andgrowth andthe midterm review of the European growth initiative; • the EU's better regulation initiative, aimedat strengtheningEuropean competitiveness; • completion of the EU's internal market, especially as regards taxation andthe integration of financial markets; • the EU's budget for 2008. 11464/07(Presse 160) 7 EN 10.VII.2007 STABILITY AND CONVERGENCE PROGRAMMES Austria and the Czech Republic The Council adoptedopinions on annual updates: - by Austria of its stability programme; - by the Czech Republic of its convergence programme. Adoption of the opinions concludes the current cycle of annual updates of the member states' stability andconvergence programmes; twenty programmes were examinedby the Council in February andfive in March. Under the EU's stability andgrowth pact, member states havingthe euroas their currency are requiredtopresent stability programmes, andthose not participatingin the single currency to present convergence programmes. The aim is to ensure soundgovernment finances as a means for strengtheningthe conditions for price stability andfor sustainable growth conducive to employment creation. The pact requires programmes that set out the member state's medium-term objective for its national budget, the mainassumptions about expectedeconomic developments andimportant economic variables, a description of budgetary and other economic policy measures, andan analysis of how changes in assumptions will affect its budgetary anddebt position. 11464/07(Presse 160) 8 EN 10.VII.2007 EXCESSIVE DEFICIT PROCEDURE Czech Republic The Council adopteda decision, under article 104(8) of the treaty, establishingthat the Czech Republic has
Load more

Recommended publications
  • Annual Report 2007
    4 THE CASH CHANGEOVER IN CYPRUS AND MALTA Six years after the successful introduction of the Monnaie de Paris minted 200.0 million euro coins euro banknotes and coins in 12 euro area countries with a face value of €56.1 million for Malta. at the same time and one year after Slovenia joined the Eurosystem, the euro banknotes and The Central Bank of Cyprus began frontloading coins were successfully introduced in Cyprus and euro coins to credit institutions on 22 October 2007; Malta on 1 January 2008. After a dual circulation the frontloading of euro banknotes began on period of one month, the euro had fully replaced 19 November 2007. Sub-frontloading to retailers the Cyprus pound and the Maltese lira. and the cash-operated machine industry started at the same time as the frontloading operation. As in the previous cash changeovers, timely and A widespread predistribution of euro coins was comprehensive preparation was crucial to the supported by making some 40,000 pre-packed smooth introduction of the euro banknotes and coin starter kits, worth €172 each, available to coins. Both Cyprus and Malta had established businesses and retailers from 3 December 2007. changeover plans at the national level long 250,000 mini-kits, worth CYP 10 each, went on before €-Day. These plans were based on, among sale to the general public on the same date. other things, the legal framework adopted by the Governing Council in July 2006 in relation to In Malta the frontloading of euro coins started certain preparations for the euro cash changeover in late September 2007, while the frontloading and the frontloading and sub-frontloading of euro of euro banknotes began in late October.
    [Show full text]
  • The Maltese Lira
    THE MALTESE LIRA On 16 May 1972, the Central Bank of Malta issued the first series of decimal coinage based on the Maltese Lira, at the time being roughly equivalent to the British Pound. Each Lira was divided in 100 cents (abbreviation of centesimo, meaning 1/100), while each cent was subdivided in 10 mills (abbreviation of millesimo, meaning 1/1000). The mills coins of the 1972 series - withdrawn from circulation in 1994 9 COINS AND 3 BANKNOTES Initially, a total of 8 coins were issued, namely the 50 cent, 10 cent, 5 cent, 2 cent, 1 cent, 5 mill, 3 mill and 2 mill. These coins were complemented by the issue of three banknotes, namely the 1 Lira, 5 Lira and 10 Lira, on 15 January 1973. Furthermore, a 25 cent coin was introduced in June 1975 to commemorate Malta becoming a Republic within the Commonwealth of Nation on 13 December 1974. This was the first coin to feature the coat of arms of the Republic of Malta on the reverse. NEW SERIES The obverse of the 1986/1991 series - withdrawn from circulation in January 2008 A new series was issued on 19 May 1986. This comprised 7 coins, namely the 1 Lira, 50 cent, 25 cent, 10 cent, 5 cent, 2 cent and 1 cent. Each coin depicted local fauna and flora on the The banknotes of the 1989 series - withdrawn from circulation in January 2008 obverse and the emblem of the Republic on the reverse. No mills were struck as part of this series, though the 5 mil, 3 mil and 2 mil coins issued in 1972 continued to have legal tender.
    [Show full text]
  • 1 TREASURY REPORTING RATES of EXCHANGE As of December 31, 2009 Foreign Currency Country-Currency to $1.00
    04/29/15 Page: 1 TREASURY REPORTING RATES OF EXCHANGE As of December 31, 2009 Foreign Currency Country-Currency To $1.00 Afghanistan-Afghani 47.9200 Albania-Lek 95.4300 Algeria-Dinar 70.3330 Angola-Kwanza 75.0000 Antigua & Barbuda-E. Caribbean Dollar 2.7000 Argentina-Peso 3.7980 Armenia-RUBLE 375.0000 Australia-Dollar 1.1110 Austria-Euro .6950 Austria-Schilling .0000 Azerbaidjan-Ruble .8200 Azerbaijan-New Manat .0000 Bahamas-Dollar 1.0000 Bahrain-Dinar .3770 Bangladesh-Conv. Taka .0000 Bangladesh-Non-Conv. Taka 68.0000 Barbados-Dollar 2.0200 Belarus-Ruble 2,880.0000 Belgium-Euro .6950 Belgium-Franc .0000 Belize-Dollar 2.0000 Benin-CFA Franc 454.8900 Bermuda-Dollar 1.0000 Bolivia-Boliviano 6.9700 Bosnia-Dinar 1.3590 Botswana-Pula 6.6530 Brazil-Cruzados .0000 Brazil-Cruzeiro 1.7400 Brunei-Dollar 1.4010 Bulgaria-Lev 1.3580 Burkina Faso-CFA Franc 454.8900 Burma-Kyat 450.0000 Burundi-Franc 1,200.0000 Cambodia (Khmer)-Riel 4,163.0000 Cameroon-CFA Franc 454.8900 Canada-Dollar 1.0510 Cape Verde-Escudo 74.7270 Cayman Island-Dollar .0000 Central African Rep.-CFA Franc 454.8900 Chad-CFA Franc 454.8900 Chile-Peso 507.0000 China-Renminbi 6.8260 China-Yuan .0000 Colombia-Peso 2,046.5000 Comoros-CFA Franc 361.3500 Congo-CFA Franc 454.8900 Costa Rica-Colon 553.7000 Croatia-KUNA 5.0000 Cuba-Peso .9260 Cyprus-Euro .0000 Cyprus-Pound .0000 Czech. Republic-Koruna 18.1190 Czechoslovakia-Tuzex Koruna .0000 CFA Franc-CFA Franc .0000 Dem. Rep. of Congo-Congolese Franc 900.0000 Denmark-Kroner 5.1670 Djibouti-Franc 177.0000 Dominican Republic-Peso 36.1000 East Germany-GDR Mark .0000 Ecuador-Dollar 1.0000 Ecuador-Sucre .0000 Egypt-Pound 5.4840 El Salvador-Colon 1.0000 Equatorial Guinea-CFA Franc 454.8900 Eritrea-Birr 15.0000 Estonia-EURO .0000 Estonia-Kroon 10.8650 04/29/15 Page: 2 TREASURY REPORTING RATES OF EXCHANGE As of December 31, 2009 Foreign Currency Country-Currency To $1.00 Ethiopia-Birr 12.6400 Euro-Euro .6950 European Community-European Comm.
    [Show full text]
  • Malta Adopts the Euro
    IP/08/2 Brussels, 1 January 2008 Malta adopts the euro Malta adopted the euro today. All available data indicate that the changeover from the Maltese lira went well and as planned. Citizens are able to withdraw euro cash from ATMs in Malta and to use it for daily payments. "Today is another proud day in Malta's proud history. A day in which it took its place at the heart of the European Union. The euro is a strong and stable currency. Along with the economic reforms the EU and Member States have undertaken, it is a reason why the European economy is still growing despite some difficult challenges caused by high energy and commodity prices. By joining the euro, Malta has said yes to stability, to reform and to hassle-free trade and travel for its businesses and citizens", said Commission President José-Manuel Barroso. "The adoption of the euro is a historic event for Malta less than four years after you became a member of the European Union. This achievement has become possible thanks to Malta's stability-oriented economic policies. Please stay on the right path! I want to congratulate the Maltese authorities and all who have contributed to what are very comprehensive practical preparations", said Joaquín Almunia, European Commissioner for Economic and Monetary Affairs. The euro is Malta's currency as of today. The euro has replaced the Maltese lira at a rate of MTL 0.429300 for one euro (or € 2.33 per lira), following a decision taken by the Ecofin Council in July on a Commission proposal.
    [Show full text]
  • March 31, 2013 Foreign Currency Country-Currency to $1.00
    04/29/15 Page: 1 TREASURY REPORTING RATES OF EXCHANGE As of March 31, 2013 Foreign Currency Country-Currency To $1.00 Afghanistan-Afghani 53.1800 Albania-Lek 109.0700 Algeria-Dinar 78.9000 Angola-Kwanza 95.0000 Antigua & Barbuda-E. Caribbean Dollar 2.7000 Argentina-Peso 5.1200 Armenia-RUBLE 415.0000 Australia-Dollar .9600 Austria-Euro .7800 Austria-Schilling .0000 Azerbaidjan-Ruble .8000 Azerbaijan-New Manat .0000 Bahamas-Dollar 1.0000 Bahrain-Dinar .3800 Bangladesh-Conv. Taka .0000 Bangladesh-Non-Conv. Taka 80.0000 Barbados-Dollar 2.0200 Belarus-Ruble 8,680.0000 Belgium-Euro .7800 Belgium-Franc .0000 Belize-Dollar 2.0000 Benin-CFA Franc 511.6700 Bermuda-Dollar 1.0000 Bolivia-Boliviano 6.9600 Bosnia-Dinar 1.5300 Botswana-Pula 8.2400 Brazil-Cruzados .0000 Brazil-Cruzeiro 2.0200 Brunei-Dollar 1.2400 Bulgaria-Lev 1.5300 Burkina Faso-CFA Franc 511.6700 Burma-Kyat 878.0000 Burundi-Franc 1,650.0000 Cambodia (Khmer)-Riel 4,103.0000 Cameroon-CFA Franc 511.6700 Canada-Dollar 1.0200 Cape Verde-Escudo 84.1800 Cayman Island-Dollar .8200 Central African Rep.-CFA Franc 511.6700 Chad-CFA Franc 511.6700 Chile-Peso 471.5000 China-Renminbi 6.2100 China-Yuan .0000 Colombia-Peso 1,824.0000 Comoros-CFA Franc 361.3500 Congo-CFA Franc 511.6700 Costa Rica-Colon 498.6000 Croatia-KUNA 5.8300 Cuba-Peso 1.0000 Cyprus-Euro .7800 Cyprus-Pound .7890 Czech. Republic-Koruna 19.7000 Czechoslovakia-Tuzex Koruna .0000 CFA Franc-CFA Franc .0000 Dem. Rep. of Congo-Congolese Franc 920.0000 Denmark-Kroner 5.8200 Djibouti-Franc 177.0000 Dominican Republic-Peso 40.8600 East Germany-GDR Mark .0000 Ecuador-Dollar 1.0000 Ecuador-Sucre .0000 Egypt-Pound 6.8000 El Salvador-Colon 1.0000 Equatorial Guinea-CFA Franc 511.6700 Eritrea-Birr 15.0000 Estonia-EURO .7800 Estonia-Kroon 11.6970 04/29/15 Page: 2 TREASURY REPORTING RATES OF EXCHANGE As of March 31, 2013 Foreign Currency Country-Currency To $1.00 Ethiopia-Birr 18.4000 Euro-Euro .7800 European Community-European Comm.
    [Show full text]
  • What Happened in Cyprus?
    What Happened in Cyprus? Alexander Michaelides1 Imperial College Business School, University of Cyprus, CEPR, CFS and NETSPAR 15 March 2014 Abstract This is a case study of how a country nearly reached bankruptcy in March 2013, within five years from entering the Eurozone. The magnitude of the requested assistance is extremely large relative to GDP (100%) and studying this event provides useful lessons for avoiding such crises in the future. The crisis resulted from a worsening European economic environment (especially in Greece), bad choices with regards to public finances, weak corporate governance within the local banking sector, inadequate and/or difficult regulation of cross-border banking, worsening competitiveness, and bad political decisions at the European and, especially, the local (Cypriot) level. Local politics, reflected in short term political calculations and/or inadequate understanding of the magnitude of the crisis, delayed corrective action for 18 months until election time, making a bad situation almost impossible to deal with. Overconfidence can be one behavioural explanation for why local politicians ignored the dramatic costs of inaction. 1 Imperial College London Business School, South Kensington Campus, London, SW7 2AZ: [email protected]. I would like to thank Dimitris Georgiou for excellent research assistance, three anonymous referees and the editor (Nicola Fuchs-Schundeln) for very useful comments. I served as a non- executive member of the Board of Directors of the Central Bank of Cyprus between May 28th 2013 and November 28th 2013. The analysis and opinions herein are not necessarily shared by the Central Bank of Cyprus or the Eurosystem more broadly.
    [Show full text]
  • Michael C Bonello: Malta's Economy on the Path to the Euro
    Michael C Bonello: Malta's economy on the path to the euro Remarks by Mr Michael C Bonello, Governor of the Central Bank of Malta, at a Round Table organised by the Austrian National Bank, Brussels, 13 June 2007. * * * This Round Table is being held shortly after the release of the Convergence Reports which the European Commission and the European Central Bank prepared at the request of Cyprus and Malta, and the recommendation of the Commission to the EU Council to allow these two countries to adopt the euro on 1 January 2008 on the grounds that they have achieved a high degree of sustainable convergence. And yet, only four years ago as Malta was preparing to accede to the EU, qualifying for euro area membership seemed a distant and uncertain prospect. This evening I propose to illustrate the nature of the challenge that Malta faced, how the task has been approached and what measures are being taken to ensure a smooth integration into the euro area. The Central Bank of Malta has been at the forefront in advocating an early adoption of the euro, and for good reason. With a GDP of around €4.9 billion and a population of 400,000 living in an area of 316 km2, Malta is the smallest and most densely populated EU Member State. It has no natural resources and is one of the most open economies in the EU, with average import and export-to-GDP ratios of over 80%. These characteristics constitute a challenge for policymakers in that key economic variables are prone to volatility, being highly sensitive to external events and to shocks in specific sectors or individual enterprises which, though small in absolute terms, can have a disproportionately large impact in a small country context.
    [Show full text]
  • List of Abbreviations and Acronyms Eurostat Yearbook
    EurostatEurostat yearbookyearbook 20042004 List of abbreviations and acronyms D-W territory of the former West Germany Member States DZ Algeria GB Great Britain EU-25 the 25 Member States of the European Union HR Croatia EU-15 the 15 Member States of the European Union IN India until 30.4.2004 IQ Iraq euro zone EUR-11 (BE, DE, ES, FR, IE, IT, LU, NL, AT, PT, IR Iran FI) until 31.12.2000 IS Iceland EUR-12 from 1.1.2001 JP Japan EUR-12 The euro zone with KR South Korea 12 countries participating LI Liechtenstein (BE, DE, EL, ES, FR, IE, IT, LU, NL, AT, PT, FI) LK Sri Lanka BE Belgium LY Libya CZ Czech Republic NG Nigeria DK Denmark NO Norway DE Germany RU Russian Federation EE Estonia SA Saudi Arabia EL Greece SG Singapore ES Spain SL Sierra Leone FR France SO Somalia IE Ireland TW Taiwan IT Italy UA Ukraine CY Cyprus US United States of America LV Latvia ZA South Africa LT Lithuania LU Luxembourg HU Hungary Currencies MT Malta NL Netherlands ECU European currency unit, data up to AT Austria 31.12.1998 PL Poland EUR (1) euro, data from 1.1.1999 onwards PT Portugal ATS (1) Austrian schilling SI Slovenia BEF (1) Belgian franc SK Slovakia CYP Cyprus pound FI Finland CZK Czech koruna SE Sweden DEM (1) German mark UK United Kingdom DKK Danish crown (krone) EEK Estonian kroon 1 Candidate countries ESP ( ) Spanish peseta FIM (1) Finnish markka 1 BG Bulgaria FRF ( ) French franc RO Romania GBP pound sterling 1 TR Turkey GRD ( ) Greek drachma HUF forint IEP (1) Irish pound (punt) Other countries and territories ITL (1) Italian lira LTL litas AF Afghanistan LUF (1) Luxembourg franc AM Armenia LVL lats AR Argentina MTL Maltese lira AZ Azerbaijan NLG (1) Dutch guilder BA Bosnia and Herzegovina PLN zloty BR Brazil PTE (1) Portuguese escudo CA Canada SEK Swedish crown (krona) CD Democratic Republic of Congo SIT tolar CH Switzerland SKK Slovak koruna CN China BGN lev CO Colombia CS Serbia and Montenegro (1) The euro replaced the ecu (code = ECU) on 1 January 1999.
    [Show full text]
  • Zimra Rates of Exchange for Customs Purposes for the Period 08 to 14 July
    ZIMRA RATES OF EXCHANGE FOR CUSTOMS PURPOSES FOR THE PERIOD 08 TO 14 JULY 2021 USD BASE CURRENCY - USD DOLLAR CURRENCY CODE CROSS RATE ZIMRA RATE CURRENCY CODE CROSS RATE ZIMRA RATE ANGOLA KWANZA AOA 650.4178 0.0015 MALAYSIAN RINGGIT MYR 4.1598 0.2404 ARGENTINE PESO ARS 95.9150 0.0104 MAURITIAN RUPEE MUR 42.8000 0.0234 AUSTRALIAN DOLLAR AUD 1.3329 0.7503 MOROCCAN DIRHAM MAD 8.9490 0.1117 AUSTRIA EUR 0.8454 1.1829 MOZAMBICAN METICAL MZN 63.9250 0.0156 BAHRAINI DINAR BHD 0.3760 2.6596 NAMIBIAN DOLLAR NAD 14.3346 0.0698 BELGIUM EUR 0.8454 1.1829 NETHERLANDS EUR 0.8454 1.1829 BOTSWANA PULA BWP 10.9709 0.0912 NEW ZEALAND DOLLAR NZD 1.4232 0.7027 BRAZILIAN REAL BRL 5.1970 0.1924 NIGERIAN NAIRA NGN 410.9200 0.0024 BRITISH POUND GBP 0.7241 1.3810 NORTH KOREAN WON KPW 900.0228 0.0011 BURUNDIAN FRANC BIF 1983.5620 0.0005 NORWEGIAN KRONER NOK 8.7064 0.1149 CANADIAN DOLLAR CAD 1.2459 0.8026 OMANI RIAL OMR 0.3845 2.6008 CHINESE RENMINBI YUAN CNY 6.4690 0.1546 PAKISTANI RUPEE PKR 158.3558 0.0063 CUBAN PESO CUP 24.0957 0.0415 POLISH ZLOTY PLN 3.8154 0.2621 CYPRIOT POUND EUR 0.8454 1.1829 PORTUGAL EUR 0.8454 1.1829 CZECH KORUNA CZK 21.6920 0.0461 QATARI RIYAL QAR 3.6400 0.2747 DANISH KRONER DKK 6.2866 0.1591 RUSSIAN RUBLE RUB 74.2305 0.0135 EGYPTIAN POUND EGP 15.6900 0.0637 RWANDAN FRANC RWF 1001.5019 0.0010 ETHOPIAN BIRR ETB 43.9164 0.0228 SAUDI ARABIAN RIYAL SAR 3.7500 0.2667 EURO EUR 0.8454 1.1829 SINGAPORE DOLLAR SGD 1.3478 0.7419 FINLAND EUR 0.8454 1.1829 SPAIN EUR 0.8454 1.1829 FRANCE EUR 0.8454 1.1829 SOUTH AFRICAN RAND ZAR 14.3346 0.0698 GERMANY
    [Show full text]
  • Quarterly Review
    Central Bank of Malta Quarterly Review March 2002 Vol. 35 No.1 The Quarterly Review is prepared and issued by the Economics Division of the Central Bank of Malta. Opinions expressed do not necessarily reflect the official views of the Bank. Articles appearing in this issue may be reprinted in whole or in part provided the source is quoted. For copies of the Quarterly Review apply to:- The Manager External Relations Office Central Bank of Malta Castille Place Valletta CMR 01 Malta Telephone: (356) 21 247 480 Facsimile: (356) 21 243 051 Internet: www.centralbankmalta.com e-mail: [email protected] ISSN 0008-9273 Printed by Interprint Limited CONTENTS ECONOMIC SURVEY 1. Foreword 5 2. The International Environment 7 3. The Domestic Economy 11 Box 1: Business Perceptions Survey 19 4. The Balance of Payments and the Maltese Lira 22 5. Government Finance 27 6. Monetary and Financial Developments 31 7. The Banking System 38 Box 2: International Banking Institutions 42 NEWS NOTES 45 FINANCIAL POLICY CALENDAR 47 STATISTICAL TABLES 59 Notes: The cut-off date for information published in the Economic Survey is April 23, 2002. For figures published in the Statistical Tables, the cut-off date is April 23, 2002. Figures in Tables may not add up due to rounding. ECONOMIC SURVEY subdued. This was confirmed by data published in 1. FOREWORD March, which showed that Gross Domestic Product contracted by 2.9% in real terms during the final quarter of 2001, as the export During the final quarter of 2001 the Central Bank performance of the electronics sector deteriorated continued to ease its monetary policy stance.
    [Show full text]
  • Lessons from ERM for ERM II
    EMU strategies: Lessons from Greece in view of EU enlargement by Theodoros Papaspyrou* Paper presented at the Hellenic Observatory, The European Institute, London School of Economics 20 January 2004 *Special Adviser, Bank of Greece, on leave from the European Commission, DG Economic and Financial Affairs. The views expressed in this paper are those of the author and do not necessarily correspond to those of the above institutions. Contents Introduction 1. Early steps in European Monetary Integration The Werner Plan and the ‘Snake’ The European Monetary System 2. EMU: a regime change in Europe’s money 3. Lessons from convergence experiences 4. The ERM II as a framework for guiding convergence Box: ERM II: narrow or broad bands are relevant? 5. Capital mobility and ERM II: an adversary or an ally in the drive for euro membership? 6. Concluding remarks Annex 1: Key dates of European Monetary Integration Annex 2: Greece: Monetary policy strategy during 1995-2000 Annex 3: Greece: key dates in the convergence effort towards the euro Annex 4: Maastricht Treaty: Exchange Rate criterion Annex 5: Exchange rate regimes in Accession countries Graphs and Tables 2 EMU strategies: Lessons from Greece in view of EU enlargement1 Introduction This paper, after reviewing briefly the early steps of European monetary integration and key elements of the EMU project as reflected in the Treaty of Maastricht, analyses the monetary integration strategy and convergence experience of member states, notably that of Greece, in the 1990s which led to the adoption of the euro. From this analysis, a number of key lessons are drawn which may be useful to future candidates to euro membership -in view of the enlargement- in designing their economic and monetary convergence strategies.
    [Show full text]
  • WM/Refinitiv Closing Spot Rates
    The WM/Refinitiv Closing Spot Rates The WM/Refinitiv Closing Exchange Rates are available on Eikon via monitor pages or RICs. To access the index page, type WMRSPOT01 and <Return> For access to the RICs, please use the following generic codes :- USDxxxFIXz=WM Use M for mid rate or omit for bid / ask rates Use USD, EUR, GBP or CHF xxx can be any of the following currencies :- Albania Lek ALL Austrian Schilling ATS Belarus Ruble BYN Belgian Franc BEF Bosnia Herzegovina Mark BAM Bulgarian Lev BGN Croatian Kuna HRK Cyprus Pound CYP Czech Koruna CZK Danish Krone DKK Estonian Kroon EEK Ecu XEU Euro EUR Finnish Markka FIM French Franc FRF Deutsche Mark DEM Greek Drachma GRD Hungarian Forint HUF Iceland Krona ISK Irish Punt IEP Italian Lira ITL Latvian Lat LVL Lithuanian Litas LTL Luxembourg Franc LUF Macedonia Denar MKD Maltese Lira MTL Moldova Leu MDL Dutch Guilder NLG Norwegian Krone NOK Polish Zloty PLN Portugese Escudo PTE Romanian Leu RON Russian Rouble RUB Slovakian Koruna SKK Slovenian Tolar SIT Spanish Peseta ESP Sterling GBP Swedish Krona SEK Swiss Franc CHF New Turkish Lira TRY Ukraine Hryvnia UAH Serbian Dinar RSD Special Drawing Rights XDR Algerian Dinar DZD Angola Kwanza AOA Bahrain Dinar BHD Botswana Pula BWP Burundi Franc BIF Central African Franc XAF Comoros Franc KMF Congo Democratic Rep. Franc CDF Cote D’Ivorie Franc XOF Egyptian Pound EGP Ethiopia Birr ETB Gambian Dalasi GMD Ghana Cedi GHS Guinea Franc GNF Israeli Shekel ILS Jordanian Dinar JOD Kenyan Schilling KES Kuwaiti Dinar KWD Lebanese Pound LBP Lesotho Loti LSL Malagasy
    [Show full text]