Opening Address. Ewald Nowotny Governor Oesterreichische Nationalbank. Euromoney Conference Vienna, January 17,
|
|
- Shona Davis
- 5 years ago
- Views:
Transcription
1 Opening Address Ewald Nowotny Governor Oesterreichische Nationalbank Euromoney Conference Vienna, January 17,
2 Euro area: Recovery continues, labour market strengthens Euro Area: Growth contributions to real GDP in % 4,5 3, 1,5, -1,5-3, -4,5-6, Private consumption Public consumption Gross fixed capital formation Net exports Stati stical difference GDP growth Quelle: Eurostat. * Lagerveränderungen, Nettozugang an Wertsachen, Statistische Differenz. Euro Area: Employment growth and unemployment in % in %,6 13,,5 12,5,4 12,,3 11,5,2 11,,1 1,5, 1, -,1 9,5 -,2 9, -,3 -,4 8,5 -,5 8, -,6 7,5 -,7 7, -,8 6,5 Quarterly emplo yment gro wth Unemployment rate (RHS ) Source: Eurostat. Prognosen zum Wirtschaftswachstum European Commission IMF OECD ECB November 217 October 217 November 217 December Euro area 2,2 2,1 2,1 1,9 2,4 2,1 2,4 2,3 Revisions,5,3,4,3,5,4,2,5-2 -
3 Spreads in euro area declined amid economic recovery 1-year benchmark bond spreads for selected countries in basispoints, rel to DE Okt15 Feb16 Jun16 Okt16 Feb17 Jun17 Okt17 Source: Macrobond. AT BE FR IT PT ES EL (re Achse) in basispoints Spreads in euro area core and periphery countries declined recently: Ongoing economic recovery Increase of Bund-yields Decrease of yields on bonds of countries hit hardest by crisis (e.g. PT now investment grade by S&P) - 3 -
4 The Eurosystem s role in euro area recovery: overview on monetary policy measures Excess liquidity, EONIA and the interest corridor % EUR billion 2, , 16 1, , 1 8,5 6, 4 2 -, Excess liquidity (rhs) Main refinancing facility Marginal lending facility Deposit facility EON IA Source: ECB, Macrobond. Reduction of monetary policy rates to.25%,.%,.4%. Forward guidance: ( ) policy rates are expected to remain at their present levels for an extended period of time, and well past the horizon of our net asset purchases. Continuation of fixed rate full allotment in all tender operations at least until the end of 219. Provision of targeted longer-term refinancing operations (TLTROs II) with a maturity of four years (until 22/221). The Expanded Asset Purchase Programme (APP), with monthly purchases worth EUR 3 billion will continue until the end of September 218 or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. Reinvestment of the principal payments (APP) for an extended period of time after the end of the net asset purchases, and in any case for as long as necessary
5 CESEE: 217 saw highest growth rate since 28 GDP growth rates yoy in % Forecast Economic Output: 216 vs = CESEE Euro area 7 HR SI LV EA19 AT HU EE LT CZ RO BG CESEE SK PL Source: IMF, Eurostat
6 OeNB Euro Survey Households in Southeastern Europe (SEE) still prefer to save in euro Deposit substitution index %, share of household deposit denominated in foreign currency BG HR RO AL BA FYROM RS Source: National central banks. Note: Deposits substitution index = ratio of foreign currency deposits to total deposits of the household sector including NPISH (annual averages). Considerable share of SEE households save in euro Largely demand-driven Insure their savings against exchange rate depreciation and high inflation Persistent fear of purchasing power loss is influenced by memories of past financial crisis as well as current economic policies Since 212: Do shrinking interest rate differentials (IRD) between local and foreign currency deposits promote saving in euro? Changes in the IRD influence households saving decisions only weakly and temporary De-euroization requires Rebuilding trust in the local currency and a track record of macroeconomic stability - 6 -
7 OeNB Euro Survey Recent rebound in household borrowing tilted towards FX in some CESEE countries Do you plan to take out a foreign currency loan within the next year? in % of respondents who plan to take out a loan (annual average) CZ BG HR HU PO RO AL BA FYROM RS Source: OeNB Euro Survey. Note: Respondents answering "Don't know" or "No answer" are excluded. After the global financial crisis, loan demand was depressed for several years. Recently, loan demand re-emerged in CESEE Given the reduction in the IRD would expect loan demand to be tilted towards local currency Surprisingly, the demand for FX loans is rising again in HR, PO, AL, BA, FYROM and RS OeNB study by Elisabeth Beckmann (217) presents evidence that recent debt relief measures for borrowers in some CESEE countries have increased expectations of future government interventions Although expectations of government bailout do not influence loan demand as such, they increase the demand for FX loans significantly - 7 -
From Crisis to Recovery: The Challenges ahead for the European Economy
From Crisis to Recovery: The Challenges ahead for the European Economy Moreno Bertoldi Head of Unit Countries of the G-20, IMF, G-groups European Commission COMEXI 24 June 2014 PART I: Current Economic
More informationEconomic and Monetary Policy Perspectives for Europe and the Euro Area
Economic and Monetary Policy Perspectives for Europe and the Euro Area Peter Mooslechner Executive Director and Member of the Governing Board Oesterreichische Nationalbank Roundtable Discussion, Austrian
More informationLabor market hierarchies - The impact of labor market dualities on aggregate wage growth. Vienna, November 21, 2017
Labor market hierarchies - The impact of labor market dualities on aggregate wage growth Vienna, November 21, 2017 The unemployment-inflation nexus loosened Euro area: Wage Phillips curve CESEE-8: Wage
More informationBulgarian Banking Association
Peter Praet Member of the Executive Board of the ECB Presentation to the Bulgarian Banking Association Sofia, 24 May 2017 Euro area real GDP, composite PMI and ESI (annual % change) Distribution of growth
More informationNeoclassicism in the Balkans
Neoclassicism in the Balkans Vladimir Gligorov Vienna, May 12, 21 Neoclassical Growth> Stylized Foreign investment driven because of higher productivity in capital scarce countries Investments mostly in
More informationInvestment in Austria Stylized Facts
Investment in Stylized Facts Gerhard Fenz and Martin Schneider Economic Analysis Division Oesterreichische Nationalbank EIB/OeNB "Workshop Investment and Investment Finance The n Case" Vienna, March 20,
More informationEconomic developments in the euro area
Peter Praet Member of the Executive Board of the European Central Bank Economic developments in the euro area European Finance Forum Frankfurt am Main, 9 April 2018 Global PMI composite output and global
More informationMacroeconomic Policies in Europe: Quo Vadis A Comment
Macroeconomic Policies in Europe: Quo Vadis A Comment February 12, 2016 Helene Schuberth Outline Staff Projection of the Euro Area Monetary Policy Investment Rebalancing in the euro area Fiscal Policy
More informationThe European Financial and Competitiveness Crisis: the Central-Eastern and Southeastern European (CESEE) situation
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies www.wiiw.ac.at The European Financial and Competitiveness Crisis: the Central-Eastern and
More informationInvestment and Investment Finance open questions?
Investment and Investment Finance open questions? COMPNET 13 th ANNUAL CONFERENCE CHIEF ECONOMISTS PANEL 29 June 2017 Debora Revoltella Economics Department European Investment Bank Key issues Questions
More informationDigging into the composition of government debt in CESEE: a risk evaluation
Digging into the composition of government debt in CESEE: a risk evaluation 82 nd OeNB East Jour Fixe June 11, 218 Markus Eller Principal Economist Oesterreichische Nationalbank Foreign Research Division
More informationReform strategies: the experience of emerging European economies and their effects on sustainability and equity
Cross-country experiences Session 3 Reform strategies: the experience of emerging European economies and their effects on sustainability and equity Per Eckefeldt European Commission Directorate General
More informationA new approach to education PPPs in the Eurostat/OECD exercise
A new approach to education PPPs in the Eurostat/OECD exercise OECD Meeting on PPPs for Non-European Countries, 27 29 April 2009 Eurostat losure Authorized Public Disclosure Authorized Public Disclosure
More information"Overcoming Europe s Policy Trilemmas: Economics, Politics and Governance in a Union Under Stress"
"Overcoming Europe s Policy Trilemmas: Economics, Politics and Governance in a Union Under Stress" Marco Buti DG Economic and Financial Affairs European Commission Brown University, 31 October 2016 Outline
More informationBelgian Financial Forum
Peter Praet Member of the Executive Board of the ECB Belgian Financial Forum Colloquium on The low interest rate environment 4 May 217 Global PMI composite output (diffusion index; seasonally adjusted;
More informationCrisis Propagation in the Czech Economy and CEE Region
Crisis Propagation in the Czech Economy and CEE Region Zdeněk Tůma Governor NABE Annual Meetings St Louis, 13 October 2009 Outline Indirect contagion in fall 2008 Low direct contagion through financial
More informationImproving the quality of public finance an analytical framework 2018 Ludwig Erhard Lecture
Improving the quality of public finance an analytical framework 2018 Ludwig Erhard Lecture Marco Buti Director-General Economic and Financial Affairs, European Commission Lisbon Council The 2018 Euro Summit:
More informationHow sustainable is public debt in CESEE?
How sustainable is public debt in CESEE? 82 nd East Jour Fixe of Oesterreichische Nationalbank 11 June 218 S. Pamies Sumner ECFIN C2 Sustainability of public finances Content Short introduction on the
More informationCan Active Labour Market Programmes reduce Long-Term Unemployment?
Mutual Learning Programme: Autumn 2012 Seminar Can Active Labour Market Programmes reduce Long-Term Unemployment? Thematic Review Seminar on Tackling long-term unemployment effective strategies and tools
More informationHas private sector credit in CESEE approached levels justified by fundamentals? A post-crisis assessment
Has private sector credit in CESEE approached levels justified by fundamentals? A post-crisis assessment 83 rd OeNB East Jour Fixe, September 18, 18 Mariarosaria Comunale (Bank of Lithuania / ECB) Markus
More informationMacroeconomic policies in an open economy
Macroeconomic policies in an open economy We have seen that monetary and fiscal policies affect the interest rate (i) in the short run: expansionary MP reduce i and viceversa, while expansionary fiscal
More informationThe Mystery of Low Productivity Growth: Some Insights from Belgium
The Mystery of Low Productivity Growth: Some Insights from Belgium Bank of Poland - 26 October 218 Luc Dresse (luc.dresse@nbb.be) Chief Advisor Economics and Research Dept. LU BE US NL DK DE FR SE EU15
More information2015 Ageing Report Per Eckefeldt European Commission Directorate General for Economic and Financial Affairs
2015 Ageing Report Per Eckefeldt European Commission Directorate General for Economic and Financial Affairs Workhop on Pensions Luxembourg, 14 November 2014 1 Outline What's next? Preparation of the 2015
More informationCompleting EMU: Arguments and proposals for the next term of office of the European Parliament and the European Commission
Completing EMU: Arguments and proposals for the next term of office of the European Parliament and the European Commission Public Hearing, European Economic and Social Committee, 5 December 2013 Taneli
More informationActive Labour market policies for the EUROPE 2020-strategy. Ways to move Forward
Active Labour market policies for the EUROPE 2020-strategy Ways to move Forward ALMPs, key components in the EES? Chaired by Ann VAN DEN CRUYCE, Tom BEVERS (EMCO Indicators Group) Sabine GAGEL (EUROSTAT)
More informationRiding the global growth wave. Richard Grieveson. Press conference, 13 March New wiiw forecast for Central, East and Southeast Europe,
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies wiiw.ac.at Press conference, 13 March 2018 New wiiw forecast for Central, East and Southeast
More informationSchwerpunkt Außenwirtschaft 2016/17 Austrian economic activity, Austria's price competitiveness and a summary on external trade
Schwerpunkt Außenwirtschaft /7 Austrian economic activity, Austria's price competitiveness and a summary on external trade Christian Ragacs, Klaus Vondra Abteilung für volkswirtschaftliche Analysen, OeNB
More informationINTERGENERATIONAL FAIRNESS ESDE 2017 CONFERENCE 10 OCTOBER 2017 #ESDE2017. Barbara Kauffmann Director of Employment and Social Governance Directorate
ESDE 2017 CONFERENCE 10 OCTOBER 2017 #ESDE2017 INTERGENERATIONAL FAIRNESS Barbara Kauffmann Director of Employment and Social Governance Directorate European Commission DG Employment, Social Affairs and
More informationHeterogeneity and the ECB s monetary policy
Benoît Cœuré Member of the Executive Board Heterogeneity and the ECB s monetary policy Paris, 29 March 2019 Persistence of inflation differentials main pre-crisis concern Inflation dispersion in the euro
More informationNew wiiw forecast for Central, East and Southeast Europe, Riding the global growth wave
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies wiiw.ac.at wiiw Spring Seminar, 12 April 218 New wiiw forecast for Central, East and Southeast
More informationSubnational Public Debt in Europe Subnational Public Debt in a Fiscally Sustainable Europe September 24 to 26, 2014, Eisenstadt
Subnational Public Debt in Europe Subnational Public Debt in a Fiscally Sustainable Europe September 24 to 26, 2014, Eisenstadt Governor Ewald Nowotny Oesterreichische Nationalbank Strong Increase in General
More informationThe Macroeconomic Imbalance Procedure (MIP)
The Macroeconomic Imbalance Procedure (MIP) Jonas Fischer European Commission, DG ECFIN EP, 10 July 2018 [Di/con]vergence in euro area external positions Group A (surplus/creditor countries): AT, BE, DE,
More informationPBZ Weekly Analysis. Number 494, November 9, Weekly overview (p. 1) EUR/USD below 1.08 (p. 3) Money market at standstill (p.
PBZ Weekly Analysis Number 494, November 9, 215 Weekly overview (p. 1) EUR/USD below 1.8 (p. 3) Money market at standstill (p. 4) Crobex in negative territory (p. 4) Statistics and macroeconomic forecasts
More informationFACTS ON AUSTRIA AND ITS BANKS
FACTS ON AUSTRIA AND ITS BANKS Stability and Security. April 2018 Contents Key indicators for the Austrian economy 4 Overview of major economic developments in Austria 6 1 Austria ranks among the top economies
More informationEuropean Green Belt Association. Membership Fee Concept October 2018
European Green Belt Association Membership Fee Concept 2019-2022 October 2018 1 Introduction and history On 24 September 2014 the founding General Assembly of the European Green Belt Association approved
More informationInvestment and competitivenss" Boris Vujčić, guverner
Investment and competitivenss" Boris Vujčić, guverner e-mail: boris.vujcic@hnb.hr Outline Capital investment and FDI developments in Croatia and peer countries Structural position of Croatia Why are some
More informationBenchmarking options for the effective achievement of the renewable energy target of the EU energy strategy by 2030
Benchmarking options for the effective achievement of the renewable energy target of the EU energy strategy by 2030 IAEE 2017 Authors: Lukas Liebmann, Christoph Zehetner, Gustav Resch Energy Economics
More informationSYSTEMIC RISK BUFFER. Background analysis for the implementation of the Systemic Risk Buffer as a macro-prudential measure in Estonia
SYSTEMIC RISK BUFFER Background analysis for the implementation of the as a macro-prudential measure in Estonia May 214 SUMMARY Starting from 1 January 214 the revised prudential requirements for credit
More informationRecent CESEE lending and NPL dynamics the experience of Austrian banks
Recent CESEE lending and NPL dynamics the experience of Austrian banks Philip Reading Director Financial Stability and Bank Inspections Department Oesterreichische Nationalbank Regional Workshop Building
More informationPotential risks for home and host countries stemming from activities of multinational banks in the CEE10 region
Issue 1 February 212 Potential risks for home and host countries stemming from activities of multinational banks in the CEE1 region Zdeněk Čech, Anton Jevčák, Corina Weidinger Sosdean Introduction The
More informationUsing Register information to estimate (early) monthly unemployment rates for EU aggregates
Slide 1 of 22 Session 2: Register-based Social Statistics Using Register information to estimate (early) monthly unemployment rates for EU aggregates Carsten Olsson Eurostat F2 "Labour Market Statistics
More informationFinal Draft. Revised Membership Fee Concept
Final Draft Revised Membership Fee Concept for the European Green Belt Association Status: 18 August 2016, based on the approved version of 18 September 2014 Introduction: On 24 September 2014 the founding
More informationFiscal sustainability challenges in Romania
Preliminary Draft For discussion only Fiscal sustainability challenges in Romania Bucharest, May 10, 2011 Ionut Dumitru Anca Paliu Agenda 1. Main fiscal sustainability challenges 2. Tax collection issues
More informationFDI in Central, East and Southeast Europe: Declines due to Disinvestment
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies www.wiiw.ac.at wiiw FDI Report 218 FDI in Central, East and Southeast Europe: Declines due
More informationThe euro area economy: an update Euro Challenge November 2016
The euro area economy: an update Euro Challenge November 2016 Delegation of the European Union to the United States www.euro-challenge.org What this presentation will cover A. Update on the economic situation
More informationGROWTH AND JOBS: NEXT STEPS
GROWTH AND JOBS: NEXT STEPS Presentation of J.M. Barroso, President of the European Commission, to the informal European Council of 30 January 2012 Tackling the «vicious circles» affecting Europe Europe
More informationAlbane DEMBLANS Secretariat-General of the European Commission
Albane DEMBLANS Secretariat-General of the European Commission European Economic and Social Committee 1 June 2016 Economic and social context European Semester 2016 Economic and social context A moderate
More informationGrowth, competitiveness and jobs: priorities for the European Semester 2013 Presentation of J.M. Barroso,
Growth, competitiveness and jobs: priorities for the European Semester 213 Presentation of J.M. Barroso, President of the European Commission, to the European Council of 14-1 March 213 Economic recovery
More informationMaintaining Price Stability with Unconventional Monetary Policy
Peter Praet Member of the Executive Board of the European Central Bank Maintaining Price Stability with Unconventional Monetary Policy Council of the European Union Brussels, 29 January 218 Global PMI
More informationEBRD 2016 Transition report presentation. Some additional lessons from the EU
EBRD 2016 Transition report presentation Some additional lessons from the EU Zsolt Darvas Bruegel 7 December 2016 1 Generational earnings elasticity (less mobility ) Social (or intergenerational) mobility:
More informationAnalysis of the deleveraging process of non-financial enterprises in Bulgaria
Analysis of the deleveraging process of non-financial enterprises in Svilen Pachedzhiev, BULGARAN NATONAL BANK Towards recovery and Sustainable Growth in the Altered Global Environment, Skopje, April 28-29,
More informationEconomic governace and coordination of economic policies
Economic governace and coordination of economic policies Reform of economic governance! European Semester 1 st edition in 2011 EU27! Integrated surveillance! Six-Pack in force since December 2011 EU27
More informationBANCA NAŢIONALĂ BANCA ROMÂNIEI
All views expressed are those of the author and do not necessarily represent the opinions of and should not be attributed to the National Bank of Romania. BANCA NAŢIONALĂ BANCA ROMÂNIEI A Monitoring the
More informationDRIVERS OF GROWTH ECFIN Country Workshop
DRIVERS OF GROWTH ECFIN Country Workshop Milan Lisický Zdeněk Čech, Abdessalam Es-Saghir, Renata Mata-Dona & Zinovia Tsikalaki Brussels 21 February 2014 Executive summary Convergence of the Czech Republic's
More informationFACTS ON AUSTRIA AND ITS BANKS
FACTS ON AUSTRIA AND ITS BANKS Stability and Security. October 2017 Key indicators updated January 2018 Contents Key indicators for the Austrian economy 4 Overview of major economic developments in Austria
More informationThe Trend Reversal of the Private Credit Market in the EU
The Trend Reversal of the Private Credit Market in the EU Key Findings of the ECRI Statistical Package 2016 Roberto Musmeci*, September 2016 The ECRI Statistical Package 2016, Lending to Households and
More informationAlpha Bank Romania. Introducing Cover Bonds in Romania
Alpha Bank Romania Introducing Cover Bonds in Romania May 218 RO residential market: building on a growth momentum Population is living in overcrowded dwellings. Home ownership is considered a prerequisite
More informationEuropean Commission. Economic Tendency Surveys in the EU
European Commission Directorate General Economic and Financial Affairs Economic Tendency Surveys in the EU Andreas Reuter Business and consumer surveys and short-term forecast (DG ECFIN A4.2) International
More informationEstonia on the way to the euro area. Ülo Kaasik Head of Economics Department 22 January 2010
Estonia on the way to the euro area Ülo Kaasik Head of Economics Department 22 January 2010 Outline Brief overview of the history and policy set-up The role of the global shock Meeting the Maastricht criteria
More informationPoland Social Sector and Public Wages Public Expenditure Review From Maastricht to Vision 2030 Overview
Poland Social Sector and Public Wages Public Expenditure Review From Maastricht to Vision 2030 Overview Warsaw, Poland May 17, 2010 From Maastricht to Vision 2030 Poland spends fairly well Recent reforms
More informationSecuring sustainable and adequate social protection in the EU
Securing sustainable and adequate social protection in the EU Session on Social Protection & Security IFA 12th Global Conference on Ageing 11 June 2014, HICC Hyderabad India Dr Lieve Fransen European Commission
More informationMonetary policy of the ECB, its concepts and tools
Monetary policy of the ECB, its concepts and tools Frankfurt am Main, 20 September 2011 Markus A. Schmidt Directorate Monetary Policy 1 Disclaimer The views expressed are those of the presenter and should
More informationPart C. Impact on sample design
Part C. Impact on sample design Ing. Marie Hörmannová, CSc. Business Cycle Surveys Department Introduction In December 2006, the European Council adopted the regulation establishing the revised EU statistical
More informationOctober 2010 Euro area unemployment rate at 10.1% EU27 at 9.6%
STAT//180 30 November 20 October 20 Euro area unemployment rate at.1% EU27 at 9.6% The euro area 1 (EA16) seasonally-adjusted 2 unemployment rate 3 was.1% in October 20, compared with.0% in September 4.
More informationEconomic developments in the euro area
Peter Praet Member of the Executive Board Economic developments in the euro area Société Royale d Economie Politique 17 September 2018 Assistance to financial sector since 2007: impact on the debt (cumulative,
More informationANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008
www.efesonline.org 25.2.29 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than
More informationEU Pigmeat Market Situation. Meat Market Observatory Economic Board meeting 02 October 2018
EU Pigmeat Market Situation Meat Market Observatory Economic Board meeting 2 October 218 EXCHANGE RATE INDEX/EURO 14 Index of daily exchange rates of the main trading partners compared to the Euro 13 12
More informationFinancial stability is seen in the narrow sense of households being able to repay loans, and banks being exposed to the risk of non-performing loans,
FINANCE AND HOUSING IN CENTRAL AND EASTERN EUROPE: A DEMAND-SIDE APPROACH Liviu Voinea, Deputy Governor, National Bank of Romania Finance and Housing Panel, Bruegel Annual Meetings 217 In 215, ESRB published
More informationTaxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000
DG TAXUD STAT/09/92 22 June 2009 Taxation trends in the European Union EU27 tax ratio at 39.8% of GDP in 2007 Steady decline in top personal and corporate income tax rates since 2000 The overall tax-to-gdp
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 17.9.2018 COM(2018) 629 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL 11th FINANCIAL REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND
More informationEUROPE 2020 Towards the 2013 Annual Growth Survey
EUROPE 2020 Towards the 2013 Annual Growth Survey Marcel Haag Head of Unit Secretariat General, European Commission 1 Restoring growth: a pressing priority EU GDP level in recent years (first quarter 2005
More informationInvestment and Investment Finance. the EU and the Polish story. Debora Revoltella
Investment and Investment Finance the EU and the Polish story Debora Revoltella Director - Economics Department EIB Warsaw 27 February 2017 Narodowy Bank Polski European Investment Bank Contents We look
More informationEuropean Innovation Policy. an Economic perspective
European Policy an Economic perspective Pierre VIGIER Economic Analysis Directorate DG Research & Europe is facing major challenges Knowledge and innovation are crucial Today: Major economic and financial
More informationInvestment and Investment Finance in Slovenia
Investment and Investment Finance in Slovenia Debora Revoltella Chief Economist European Investment Bank Bank of Slovenia, European Investment Bank, European Commission Conference Ljubljana November 16,
More informationFinancial Crises and Beyond: Experience of Small and Open Economy
Tuesday 23 rd June Room 5, 9:45-11:15 Restoring Confidence in Financial Systems Financial Crises and Beyond: Experience of Small and Open Economy Eva Zamrazilova Member of the Board and Chief Executive
More informationPerspectives of CEEs Catching Up. Eva Zamrazilová. Member of the Board. 5th Moody s Annual CEE Credit Risk Conference 4 May 2011 Prague
Perspectives of CEEs Catching Up Eva Zamrazilová Member of the Board 5th Moody s Annual CEE Credit Risk Conference 4 May 211 Prague Pre-crisis Real and nominal convergence of the whole region Strong growth
More informationAUTOMATIC STABILIZERS VS. DISCRETIONARY MEASURES: EVIDENCE FROM CROATIA ANA GRDOVIĆ GNIP
AUTOMATIC STABILIZERS VS. DISCRETIONARY MEASURES: EVIDENCE FROM CROATIA ANA GRDOVIĆ GNIP Content Short introductory theoretical background e case of Croatia o Empirical framework Data and limitations Output
More informationEmployment crisis in Europe and EU response. From pragmatism to Europe Maria Karamessini, Panteion University (Athens)
Employment crisis in Europe and EU response. From pragmatism to Europe 2020 Maria Karamessini, Panteion University (Athens) 16 th Workshop on Alternative Economic Policy in Europe EuroMemo Group September
More informationANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008
www.efesonline.org 25.2.29 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than
More informationInvestment in France and the EU
Investment in and the EU Natacha Valla March 2017 22/02/2017 1 Change relative to 2008Q1 % of GDP Slow recovery of investment, and with strong heterogeneity Overall Europe s recovery in investment is slow,
More informationThe challenges of an ageing population. Budgetary and labour force projections for Belgium and the EU Member States
The challenges of an ageing population Budgetary and labour force projections for Belgium and the EU Member States Alexander Schwan, European Commission WSE Arbeidsmarktcongres 2013 07.02.2013 Provinciehuis
More informationCarving out legacy assets: A successful tool for bank restructuring?
1 Carving out legacy assets: A successful tool for bank restructuring? Lisbon University of Law 8 May 2017 Willem Pieter de Groen Centre for European Policy Studies (CEPS) Non-performing loans (NPLs) potential
More informationAREA 1: CHALLENGES FOR THE
WELFARE, WEALTH AND WORK A NEW GROWTH PATH FOR EUROPE A European research consortium is working on empirical foundations for a new socio-ecological growth model AREA 1: CHALLENGES FOR THE WELFARE STATES
More informationEUROPE S SOURCES OF GROWTH
EUROPE S SOURCES OF GROWTH Presentation of J.M. Barroso, President of the European Commission, to the European Council of 23 October 2011 A roadmap to stability and growth 1. Give a decisive response to
More informationRomania. Paving the way to EURO adoption. October 2018
Romania Paving the way to EU adoption October 218 In most non EA NMS a wait and see approach seems to prevail Initial target 214 Date of setting the initial target 27 Convergence Program Price Stability
More informationLisboa, 19 junho Altis Grand Hotel Sala Roma
Lisboa, 19 junho 2018 Altis Grand Hotel Sala Roma EU Budget for the future Cohesion Policy 2021-27 Lisbon, 19 June 2018 Rudolf Niessler and Carole Mancel-Blanchard Key Elements Modern Focus on smart, low
More informationThe crisis response in the euro area. Peter Praet Pioneer Investment s Colloquia Series Beijing, 17 April 2013
The crisis response in the euro area Peter Praet Pioneer Investment s Colloquia Series Beijing, 17 April 213 Outline A. How the crisis developed B. Monetary policy response C. Structural adjustment underway
More informationA statistical overview of the economic situation in the euro area
A statistical overview of the economic situation in the euro area By Gian Luigi Mazzi Florence, 24 April 2015 EUI-nomics 2015 Outline Latest PEEIs figures GDP growth estimates for the first quarter 2015
More informationFOCUS AREA 5B: Energy efficiency
Rural Development Programmes 204-2020: Key facts & figures FOCUS AREA 5B: Energy efficiency. Introduction Focus Area (FA) 5B is designed to increase efficiency in energy use in agriculture and food processing.
More informationInves tment as engine for growth prospects and challenges
Inves tment as engine for growth prospects and challenges Zagreb, 7 March 2018 Vedran Šošić, vice governor e-mail: boris.vujcic@hnb.hr Highlights Investment dynamics recovery underway Better fundamentals,
More informationRETIREMENT Differences in State of Affairs and legacies across the EU28
RETIREMENT Differences in State of Affairs and legacies across the EU28 EC/OECD Workshop on delivering longer working lives and higher retirement ages Brussels, 12-13 November 2014 Fritz von Nordheim European
More informationTHE 2016 EU JUSTICE SCOREBOARD
THE 2016 EU JUSTICE SCOREBOARD Quantitative data April 2016 This document contains a selection of graphs with quantitative data from the 2016 EU Justice Scoreboard. (The figure numbers correspond to those
More informationEBA Call for Evidence and Discussion Paper on SMEs
EBA Call for Evidence and Discussion Paper on SMEs Preliminary analysis for the SME report in accordance with the EBA mandate in Article 501 CRR Public Hearing - 4 September 2015 Contents 1. Background
More informationThe EFTA Statistical Office: EEA - the figures and their use
The EFTA Statistical Office: EEA - the figures and their use EEA Seminar Brussels, 13 September 2012 1 Statistics Comparable, impartial and reliable statistical data are a prerequisite for a democratic
More informationLABOUR MARKET DEVELOPMENTS IN MALTA: A LOOK BACK, AND FORWARD. April 2016 Ministry for Finance
LABOUR MARKET DEVELOPMENTS IN MALTA: A LOOK BACK, AND FORWARD April 2016 Godwin Mifsud Economic Policy Department Ministry for Finance Outline Review of Key Indicators The story behind the numbers Disaggregating
More informationFACTS ON AUSTRIA AND ITS BANKS
FACTS ON AUSTRIA AND ITS BANKS Stability and Security. October 25 Key indicators updated January 26 Contents Key indicators for the Austrian economy 4 Overview of major economic developments in Austria
More informationFOCUS AREA 6C: Access to and quality of ICT
Rural Development Programmes 2014-2020: Key facts & figures FOCUS AREA 6C: Access to and quality of ICT 1. Introduction Focus Area (FA) 6C is designed to enhance the accessibility, use and quality of information
More informationIncome inequality: policy response from the EU perspective. 5 October 2017 Aurimas Andrulis, DG EMPL
Income inequality: policy response from the EU perspective 5 October 2017 Aurimas Andrulis, DG EMPL Structure of the presentation Policy context: why European Commission raised the issue of income inequality?
More informationTowards a Stronger EMU: Recent Developments in Monetary Policy and EMU Governance Reform
Towards a Stronger EMU: Recent Developments in Monetary Policy and EMU Governance Reform Gilles Noblet Deputy Director General DG International and European Relations European Central Bank Presentation
More informationAnnex of Tables. Cutoff date for data: November 18, 2010
International Environment Exchange Rates Key Interest Rates Short-Term Interest Rates Long-Term Interest Rates Corporate Bond Spreads Stock Indices Gross Domestic Product Current Account Inflation Table
More information