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Post-Programme Surveillance Report. Cyprus, Autumn 2020
ISSN 2443-8014 (online) Post-Programme Surveillance Report Cyprus, Autumn 2020 INSTITUTIONAL PAPER 141 | NOVEMBER 2020 EUROPEAN ECONOMY Economic and Financial Affairs European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. Views expressed in unofficial documents do not necessarily represent the views of the European Commission. LEGAL NOTICE Neither the European Commission nor any person acting on behalf of the European Commission is responsible for the use that might be made of the information contained in this publication. This paper exists in English only and can be downloaded from https://ec.europa.eu/info/publications/economic-and-financial-affairs-publications_en. Luxembourg: Publications Office of the European Union, 2020 PDF ISBN 978-92-76-16330-5 ISSN 2443-8014 doi:10.2765/647053 KC-BC-20-018-EN-N © European Union, 2020 Reuse is authorised provided the source is acknowledged. The reuse policy of European Commission documents is regulated by Decision 2011/833/EU (OJ L 330, 14.12.2011, p. 39). For any use or reproduction of material that is not under the EU copyright, permission must be sought directly from the copyright holders. CREDIT Cover photography: © iStock.com/benslimanhassan European Commission Directorate-General for Economic and Financial Affairs Post-Programme Surveillance Report Cyprus, Autumn 2020 EUROPEAN ECONOMY Institutional Paper 141 ACKNOWLEDGEMENTS This report was prepared in the Directorate-General for Economic and Financial Affairs under the direction of Manfred Bergmann (Director), Moisés Orellana (Head of Unit for Cyprus) and Magdalena Morgese-Borys (Deputy Head of Unit for Cyprus). -
The Italian Candidate: the Appointment of Mario Draghi to the Presidency of the ECB
6 The ITalIan CandIdaTe: The appoInTmenT of marIo draghI To The presIdenCy of The eCB Kenneth Dyson and Lucia Quaglia After prolonged negotiations, on 24 June 2011, the governor of the Bank of Italy, Mario Draghi, was appointed president of the European Central Bank (ECB) as successor to Jean-Claude Trichet. His mandate runs from 1 November 2011 to 31 October 2019. Draghi’s appointment was consistent with a long-standing practice of Italian politicians and officials seeking to engage with the process of European integration by ensuring that they were “sitting at the European top table.” In the context of the euro area, sitting at the top table for Italy was initially about gaining euro entry as a founding member state in 1999 and, subsequently, about having strong Italian representation in the gov- erning structures of the euro area, particularly the ECB.1 Once the sovereign debt crisis became contagious in 2010–2011, it meant ensur- ing that financial markets drew a clear distinction between Italy and periphery member states such as Greece and Portugal that suffered from sovereign debt distress. However, retaining a seat at the European high table did not prove easy. First, Italy qualified late for euro entry, with little safety margin and the help of some last-minute and somewhat controversial fiscal measures and in the face of much German skepticism. Second, the cir- cumstances surrounding the resignation in 2005 of the Bank of Italy’s governor, Antonio Fazio, damaged Italy’s reputation. Third, by the Italian Politics: From Berlusconi to Monti 27 (2012): 155–171 © Berghahn Books doi:10.3167/ip.2012.270109 156 Kenneth Dyson and Lucia Quaglia summer of 2011, Silvio Berlusconi’s government was battling against a loss of financial market credibility. -
Mario Draghi: Welcome Remarks
Mario Draghi: Welcome remarks - 8th ECB conference on central, eastern and south-eastern European countries Welcome remarks by Mr Mario Draghi, President of the European Central Bank, at the 8th ECB conference on central, eastern and south-eastern European countries, Frankfurt am Main, 12 June 2019. * * * Dear guests and colleagues, It is a great pleasure to welcome you to the eighth ECB conference on central, eastern and south-eastern European (CESEE) countries. There are many differences between the 18 economies in the CESEE region1, but one thing they have in common is that they have all experienced real economic convergence towards the EU average since the 1990s. Over the last two decades, in particular, real GDP per capita growth has averaged 3.8% in the region, compared with 1.4% in the European Union (EU) as a whole. But there has been a clear difference in the pace of convergence.2 Countries that have joined the EU, and which are hereafter referred to as the central and eastern European (CEE) economies,3 reached GDP per capita levels of 70% of the EU average. Within this group, the countries that have joined the euro area have grown even faster, reaching almost 80% of the EU average. In contrast, catching up has been markedly slower in the economies outside the EU, with income levels below 40%4 of the EU28 average.5 EU and euro area membership acted as a catalyst for convergence, creating the institutional and economic conditions for CEE economies to adopt highly effective growth strategies. Their faster convergence shows that, with high-quality institutions in place, the EU Single Market can be a powerful engine of growth, allowing not only the poorer countries to catch up, but also the richer countries to benefit from a larger market and opportunities to increase production efficiency.6 However, in order to maintain convergence and reap lasting benefits from the Single Market and euro area membership, efforts to ensure institutional quality and good governance have become all the more important given the headwinds facing CEE economies. -
Mario Draghi: Interview with Europe 1
Mario Draghi: Interview with Europe 1 Interview with Mr Mario Draghi, President of the European Central Bank, with Europe 1, conducted by Mr Jean-Pierre Elkabbach on 23 September 2014, aired on 24 September 2014. * * * Europe 1: You have already acted decisively in June and September. If unemployment continues to grow, can the ECB continue to stimulate the economy? Monetary policy will stay accommodative for a long time and I can say that the Governing Council is unanimous in its commitment to use the available instruments within its mandate to bring inflation back to close but below 2%. Interest rates will stay at the present level for an extended period of time because they can’t go much lower than that. In Europe, is there a risk today of deflation or even of recession? For the euro area as a whole we don’t see risk of deflation. We see risk of too low inflation for too long a time and for the euro area as a whole, as I’ve said many times our recovery is modest, weak, uneven, and fragile, but it’s not recession. Do you have a lot of liquidity at the ECB? Yes, we’ve shown that we have a lot of liquidity in the ECB. And could you show it again? And we’re certainly, as I said before, we’re certainly ready to use all the instruments within our mandate to make sure that… To obtain more of growth by 2017, 2018: what needs to be done? One talks about developing infrastructure and about investing. -
How Macron Won It All the French President As Master Kingmaker
How Macron Won It All The French president as master kingmaker. he French did it again. By recalling Christine Lagarde, who has served as managing director of the International Monetary Fund since 2011, from Washington and throwing her into the race to succeed Mario Draghi as By Klaus C. Engelen head of the European Central Bank, French President Emanuel Macron effectively won the real power game in the competition for the top European positions after the May elections for the European Parliament. But since Macron helped nominate, in a big surprise, Ursula von der Leyen, Tthe Brussels-born francophone long-time member of German Chancellor Angela Merkel’s government, to lead the new EU Commission, the disappoint- ment in Germany of not seeing Bundesbank President Jens Weidmann chosen as Draghi’s successor may have been somewhat mitigated. HOW MACRON GOT THE POLE POSITION When the race for the new EU chief executive began, the French presi- dent started questioning the system of Spitzenkandidaten (lead candidates). Macron referred to the Lisbon Treaty, which left the Council in the lead role to select and propose a candidate whom the European Parliament then would have to confirm with an absolute majority. The Council consists of the heads of state or governments of the member countries, together with its president and the president of the Commission. In Macron’s view, the 2014 European election, when the center-right European People’s Party got Jean-Claude Juncker elected Commission president with the help of the Progressive Alliance for Socialist and Democrats, was THE MAGAZINE OF INTERNATIONAL ECONOMIC POLICY an aberration to be corrected. -
GSS21 Program Grid Draft External Version.Xlsx
Global Solutions Summit 2021 - May 27-28 Time Studio Salon Forum 1 Forum 2 Forum 3 May 27 Opening Address and Welcome by Dennis 12:00- 12:10 Snower May 27 12:15- 12:30 Towards Global Realignment May 27 G20 Sherpa Panel 12:30- 12:45 May 27 Keynote: Sri Mulyani Indrawati (tbc) 12:45 - 13:00 May 27 13:00 - 13:15 May 27 Opening Plenary: The Great Realignment for 13:15 - 13:30 a better Future May 27 13:30 - 13:45 May 27 short break 13:45 - 14:00 May 27 Keynote: Minister Jens Spahn Keynote: Enrico Giovannini 14:00 - 14:15 A Global Green Deal? Building a better future of work through Constrained by Accounting May 27 Keynote by Frans Timmermans good jobs and upskilling Pandemic preparedness as a global 14:15 - 14:30 challenge: lessons from Covid-19 Leveling-up to tackle regional disparities May 27 TF 1 Panel 14:30 - 14:45 Networking Break Networking Break Networking Break May 27 Networking Break Networking Break 14:45 - 15:00 May 27 Interview: Minister Olaf Scholz Keynote Keynote Healing multilateralism: how multi-level Global Challenges to Migration after COVID- 15:00 - 15:15 governance can solve global problems 19 May 27 Breaking up the linear economy in Emerging TF 8 Panel TF 10 Panel 15:15 - 15:30 Towards a Strong G20 for Effective Helping young people to work makes the Countries: Circular Economy Vision Setting May 27 Multilateral Cooperation world work Panel short break short break 15:30 - 15:45 May 27 short break short break short break 15:45 - 16:00 The policy implications of geoeconomic May 27 strategies Keynote: Valdis Dombrovskis Interview: Vera Jourová 16:00 - 16:15 Localising the circular economy imperative May 27 The New Trade Governance Agenda: What Keynote: Minister C. -
1 SECRET LAIKI POPULAR BANK How a Bank's Mismanagement
SECRET LAIKI POPULAR BANK How a bank’s mismanagement toppled an economy Introduction This study has been carried out following the instructions by the President of the Republic of Cyprus, Nicos Anastasiades with the aim of tracking down the causes which led the Cypriot economy to the brink of collapse. The objective is to draw lessons from the past and take corrective measures so that the country will never find itself in a similar, critical position. The documentation used is based on material from the archives of the Presidential Palace. Moreover, important confidential material of the Central Bank of Cyprus (CBC) has been utilized, which was submitted to the Investigation Committee appointed by the Ministerial Council with the task of looking into the causes which led to the financial crisis. This material has not been adequately utilized by the Committee - for reasons already explained by the Committee itself- and has been delivered to the State archive. The framework of the study’s findings is as follows: Since 2011, when the Cypriot economy was initially downgraded by international rating agencies, the problems were spotted at the banks, as a result of the Greek crisis, and to the Government’s weakness to support them financially should the need arose. Briefly, these problems can be summarized as follows: - The size of the banks was about seven times that of the economy’s GDP. - Private indebtedness (companies and households) without sufficient collateral. 1 - Cypriot banks were exposed to Greece which found itself in a protracted crisis and with a visible risk of exiting the euro area. -
List of Credit Acquiring Companies Licenced by the Central Bank of Cyprus
CENTRAL BANK OF CYPRUS EUROSYSTEM LIST OF CREDIT ACQUIRING COMPANIES LICENCED BY THE CENTRAL BANK OF CYPRUS (The Sale of Credit Facilities and Related Matters Law, 2015 (L.169(I)/2015)- section 5(5)) ALPHA CREDIT ACQUISITION COMPANY LIMITED Registration Number: HE404233 Issue of Licence date: 30/04/2020 Licence Number: 115.1.34.11 Address: 11 Limassol Avenue, Galatariotis Build., 2nd Floor, 2112 Nicosia Chairman of Board of Directors: Mr George Georgiou APS LOAN MANAGEMENT LTD Registration Number: HE393733 Issue of Licence date: 21/06/2019 Licence Number: 115.1.34.10 Address: 20 Amphipoleos Street, Megaro Amphipoleos, Cy-2025 Nicosia. Executive Officer: Mr Demetris Constantinides B2KAPITAL CYPRUS LTD Registration Number: HE378002 Issue of Licence date: 10/05/2018 Licence Number: 115.1.34.6 Address: 79 Spyrou Kyprianou Avenue, 4042 Limassol. Telephone Number: 25259620 E-mail address: [email protected] Website address: www.b2kapital.com.cy Chief Executive Officer: Mr Rakis Christophorou CENTRAL BANK OF CYPRUS EUROSYSTEM CAC CORAL LIMITED Registration Number: HE387010 Issue of Licence date: 25/09/2018 Licence Number: 115.1.34.7 Address: 15 Archbishop Makarios III Avenue, Cy-1065 Nicosia Telephone Number: 22840100 General Manager: Mr Christodoulos Christodoulou COOPERATIVE ASSET MANAGEMENT COMPANY LTD Registration Number: Cooperative Company No. 0088/1937 Issue of Licence date: 28/01/2019 Licence Number: 115.1.34.9 Address: 8 Gregori Afxentiou Street, Cy-1096 Nicosia. Telephone Number: 22743000 Chairman of the Board of Directors: Mr George Panteli CYPRUS ASSET MANAGEMENT COMPANY LIMITED Registration Number: HE387704 Issue of Licence date: 31/08/2018 Licence Number: 115.1.34.8 Address: 8 Gregori Afxentiou Street, Cy-1096 Nicosia. -
France: Negative Rates Shouldn't Mean You Ease up on Debt
21 June 2019 France: Negative rates shouldn’t mean you ease Opinion up on debt reduction French 10-year benchmark yields briefly went into negative territory after the ECB President, Mario Draghi's Sintra speech this week (and some tweets by President Trump). But being paid to take on more debt should not encourage reckless spending ECB President, Mario Draghi talks with the French President, Emmanuel Macron in 2018 Something of an historic event happened in France following Mario Draghi's speech in Sintra on 18 June: the benchmark rate on 10-year government bonds fell below 0%, following German bonds into negative territory. The speech went a little further than Mr Draghi’s comments in Frankfurt (after the June monetary policy meeting) where he only mentioned, in response to a question, the fact that new easing measures had been discussed. By saying in Sintra that "in the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required", he boosted the likelihood of a further deposit rate cut (currently at -0.40%) starting in July. French 10-year yields did not stay negative for long, merely minutes, but shorter maturities (up to 6 years) were already negative. The 0% threshold for 10-year government bonds is not just symbolic. Neither are the signs given by the ECB that rates will stay low for longer. These developments should indeed incentivise the French Government to continue to increase the general maturity of the public debt, in other words, to ensure that it is financed at low rates for a longer time. -
Calendar of Mario Draghi, February 2017 1
Calendar of Mario Draghi President of the ECB February 2017 Meeting / Event Date (incl. topic / meeting participants, as applicable) Location Thursday, 2 February ECB and Banka Slovenije joint conference on occasion of Ljubljana 10th anniversary of adoption of the euro – speech on “Security through unity: making integration work for Europe” Monday, 6 February Quarterly Hearing before the Committee on Economic and Brussels Monetary Affairs (ECON) of the European Parliament Tuesday, 7 February Executive Board ECB Thursday, 9 February Meeting with Chancellor of Germany, Ms Angela Merkel, on Berlin euro area developments Meeting with media Berlin Monday, 13 February Meeting with International Monetary Fund (IMF), Mr Vítor ECB Gaspar, on euro area economic developments Tuesday, 14 February Executive Board ECB Meeting with AXA, on EU economic and financial ECB developments Meeting with Japanese Bankers Association (JBA), French ECB Banking Federation (FBF) and Association of German Banks (BdB), on current regulatory and general supervisory issues (also attended by the Vice-President and the Vice- Chair of the SSM Supervisory Board) Wednesday, 15 February Governing Council ECB Monday, 20 February Eurogroup Brussels Meeting with President of the European Court of Auditors Brussels (ECA), Mr Klaus-Heiner Lehne, on audit issues Tuesday, 21 February Executive Board ECB Calendar of Mario Draghi, February 2017 1 Reception organised by Ambassador of France to the London United Kingdom on occasion of ceremony to award insignia of Chevalier de l’Ordre national de la Légion d’honneur to Mr Lionel Barber Monday, 27 February Meeting with media ECB Tuesday, 28 February Executive Board ECB Calendar of Mario Draghi, February 2017 2 . -
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TRANS-ATLANTIC-2019/02/07 1 THE BROOKINGS INSTITUTION FALK AUDITORIUM ITALY, EUROPE, AND THE FUTURE OF TRANS-ATLANTIC RELATIONS Washington, D.C. Thursday, February 7, 2019 PARTICIPANTS: Introduction: JOHN R. ALLEN President The Brookings Institution Keynote Remarks: PAOLO GENTILONI Distinguished Fellow, Foreign Policy The Brookings Institution Moderator: THOMAS WRIGHT Senior Fellow and Director, Center on the United States and Europe The Brookings Institution * * * * * ANDERSON COURT REPORTING 1800 Diagonal Road, Suite 600 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190 TRANS-ATLANTIC-2019/02/07 2 P R O C E E D I N G S GENERAL ALLEN: Ladies and gentlemen, welcome, and good morning. Wonderful to have you at the Brookings Institution this morning. My name is John Allen, I'm the president of the Institution and I have the honor today of introducing an event, which is sponsored by the Alan and Jane Batkin International Leaders Forum and the Robert Bosch Foundation, and we are deeply grateful for their continued support of the work that we do here today. We have the pleasure of being joined by a number of distinguished guests who will be joining for the entire event. But in particular we're very honored to have the former prime minister of Italy, Paolo Gentiloni, joining us this morning. And seated in the front row with him, and a very warm welcome to the Italian Ambassador Armando Varricchio and his wife, Micaela, and also the wife of Prime Minister Gentiloni, Emanuela. As well, Ambassador Schuwer is here this morning from the Netherlands. -
Banking Crisis in Cyprus: Causes, Consequences and Recent Developments*
1 Banking Crisis in Cyprus: Causes, Consequences and Recent Developments* Scott Brown University of Puerto Rico, USA Demetra Demetriou Cyprus University of Technology, Cyprus Panayiotis Theodossiou Cyprus University of Technology, Cyprus The economy of Cyprus was barely affected by the U.S. subprime mortgage debacle. The economic crisis in Cyprus was initially driven by fiscal mismanagement and subsequently by the failure of the government and its regulatory branches to monitor the imprudent behavior and risky investment actions of top executives in the banking sector. That is, banking executives run amok due to poor monitoring leading to severe agency problems in the Cypriot banking industry. The economic effects of the first capital-controlled bail-in in the EU in 2013 temporarily hobbled the real economy and the banking sector of Cyprus. Nevertheless, in less than five years, the economy of Cyprus recovered almost fully. This paper provides an economic analysis of the macroeconomic, banking and political events that led to the economic collapse in Cyprus. We also cover the interim period between collapse and recovery. The Cyprus case is an opportunity for European economic agents and regulators to learn how to avoid bail-in and welfare bloat. Studying Cyprus helps the reader see the most troubling cracks in the foundations of the European Fortress. * We are deeply grateful for useful comments received from Sheridan Titman, Lorne Switzer, Ganesh Rajappan, Gevorg Sargsyan, Adam Welker, Mary Becker, Carlos Vila, and the former Puerto Rico Secretary of State, Antonio (Tito) Colorado at the 2019 Winter MFS Conference at the University of Puerto Rico. This study benefited from extensive discussions with former Hellenic and Cyprus Cooperative Bank executives Marios Clerides, Nearchos Ioannou and Makis Keravnos.