The New Role of Growth Financing
|
|
- Lionel West
- 6 years ago
- Views:
Transcription
1 OMV Aktiengesellschaft The New Role of Growth Financing Conference on European Economic Integration Vienna, 15 November 2010 Wolfgang Ruttenstorfer CEO and Chairman of the Executive Board OMV Aktiengesellschaft Move & More.
2 FDI in CESEE recent arrivals CESEE countries started to be FDI recipients after communist regime collapse Larger populations in CESEE tend to attract more FDI, having a broader area to develop Countries in CESEE have fewer restrictions on foreign equity ownership than those in the CIS FDI inflows led to an increase in economic growth Real GDP growth Rate Unemployment rate in %, annual average Value % -83% -64% -108% -52% -36% 7,3 6,2 6,8 6,3 6 4, ,7 1,4 0,5 1 0,6 Value ,1 7-61% -83% -64% -52% -36% -108% 8,9 10,0 6,7 6,9 6,5 6,8 5,6 9,6 7,1 8,2 6,9 6,4 5,8 5,3 7, ,2-5,4-5 -6,3-7,1 EU27 CESEE Bulgaria Hungary Poland Romania 2 0 EU27 CESSE Bulgaria Poland Romania Hungary 2007 GDP 2008 GDP 2009 GDP 2007 Unemployment 2008 Unemployment 2009 Unemployment 2 OMV Aktiengesellschaft, Vienna, November 2010 FDI inward flows evolution (in %) Source: UNCTAD FDI statistics database and Eurostat
3 The Old Story of Boom and Bust Applies to CESEE Low Global Interest Rates Higher levels of debt public and private. Need to be repaid Low Financial Deepening in CESEE Countries Spurred Bank Competition (main financing channel) Rapid increase in domestic credit unsustainable, the boom cycle Change in external conditions has lead to a bust cycle Markets demand a return to a more stable and sustainable macro policies risk reassessment Low Level of Perceived Risk in hindsight risk was more elevated Resumption of economic growth would depend on finding alternative financing sources 3 OMV Aktiengesellschaft, Vienna, November 2010
4 Measures Aiming at Bridging Financing Gap in CESEE Macro imbalances and/or policy weaknesses magnified the effects of financial crisis it was an urgent need to secure funding Borrowing becoming more difficult for CESEE, risk premia increasing FDI an engine of growth in CESEE - dried up EU s medium-term assistance facility activated for the first time in 15 years with its ceiling increased fourfold to EUR 50 bn International support programmes (EU, IMF, WB, etc) launched for Hungary, Latvia, Romania, Ukraine, Serbia Vienna Initiative parent banks pledging to maintain their exposure to CESEE countries, roll over loans and recapitalize their affiliates 4 OMV Aktiengesellschaft, Vienna, November 2010
5 Case Study Romania. Lessons learnt 8,5 GDP evolution ,2 7,9 6,3 7,3-7, ,30% 8,60% CPI Index evolution ,87% 6,57% 6,30% 4,74% Unsustainable pre-crisis economic growth concealed imbalances Price controls still in place Competitiveness in several sectors lower compared to average EU Legislation instability - a major cause of uncertainty for investments High level of foreign denominated loans make the private sector vulnerable to FX movements Ratio of bank loans to deposits greater than one -> increasing reliance on foreign financing Adoption of clear measures in various areas are critical for restoring sustainable growth Global Competitiveness Index (Rank out of 133) Czech Republic Poland Hungary Romania Bulgaria Germany *1 is the highest rank 5 OMV Aktiengesellschaft, Vienna, November 2010
6 Case Study Romania. Way forward Stabilizing the macroeconomic environment resolving macro imbalances (budget deficit, public debt growth, unemployment rate, inflation) Switch from consumption driven growth to investment and capital-enhancing productivity growth Targeting tax policies for growth reduce labour taxes; maintain a low level of capital tax Transforming the public sector increase public sector efficiency Reforming the legal system adjust labour legislation to reduce hiring and firing costs Building the infrastructure for a modern economy promote co-financing projects Leveraging EU funding authorities with concentrated expertise and good management Supporting further investments, both FDI and domestic - develop capital markets as alternative fund raising for the private sector Supporting SME business development Implementing better public governance 6 OMV Aktiengesellschaft, Vienna, November 2010
7 Financing alternatives for CESEE Need to diversify away from bank financing and increase capital markets financing. Most banks are still saddled with non-performing loans and the quality of some assets is doubtful would result in more cautious lending Stimulate FDI through economic re-launch Boost competitiveness and domestic consumption Develop capital markets and private equities - to reduce financing dependence on banking, through: Good governance Clean and transparent economic policies Public sector institutions credibility Stimulate banks to take more risk to finance companies, especially SME, through: Extending the range and quality of collateral through guarantees Credit risk insurance schemes Make full use of available EU structural funds 7 OMV Aktiengesellschaft, Vienna, November 2010
Non-Performing Loans in CESEE
Non-Performing Loans in CESEE Vienna, September 23, 2014 James Roaf Senior Resident Representative IMF Regional Office for Central and Eastern Europe, Warsaw High NPLs ratios need to be addressed Boom-bust
More informationIrish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia
Irish Economy and Growth Legal Framework for Growth and Jobs High Level Workshop, Sofia Diarmaid Smyth, Central Bank of Ireland 18 June 2015 Agenda 1 Background to Irish economic performance 2 Economic
More informationBANKING IN CEE: adequate risk appetite crucial to win the upside
BANKING IN CEE: adequate risk appetite crucial to win the upside UniCredit Group CEE Strategic Analysis Vienna, November 9, 2009 Executive Summary 1 World economic growth is recovering and this boosts
More informationGovernor of the Bank of Latvia
Lessons from Latvia s internal adjustment strategy Ilmārs Rimšēvičs Governor of the Bank of Latvia September 4, 2012 Presentation outline Overheating of Latvia s economy Expansionary consolidation Lessons
More informationUkraine FDI report 2011
Ukraine FDI report 2011 Contents Competing in a converging world 3 Ukraine s true FDI value 4 Reforms and expectations 7 Methodology 8 Ernst & Young in Ukraine 9 Foreword The Ukraine Foreign Direct Investment
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 May 11, 217 Key developments in BIS Banks External Positions and Domestic Credit and Key Messages from the CESEE Bank Lending Survey The external positions of BIS
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 November 17, 215 Key developments in BIS Banks External Positions and Domestic Credit The reduction of external positions of BIS reporting banks vis-à-vis Central,
More informationPAST, PRESENT AND FUTURE OF UKRAINE
PAST, PRESENT AND FUTURE OF UKRAINE European Economic Senate Going am Wilden Kaiser May 7, 2015 Introduction I. Historical Background II. Present Development III. Future Outlook IV. Challenges V. Conclusion
More informationTurkey and the Emerging. the Global Crisis. Yelda Yücel 14 June 2009 Nicosia
Turkey and the Emerging Market Economies during the Global Crisis Yelda Yücel 14 June 2009 Nicosia Green Shoots in The Global Economy? There are more signs of easing of the global recession in the second
More informationBANKING IN CEE. Carlo Vivaldi CFO UniCredit Bank Austria
BANKING IN CEE Carlo Vivaldi CFO UniCredit Bank Austria Brussels, November 10, 2009 EU Parliament Committee on the Financial, Economic and Social Crisis Executive Summary Macroeconomic and Global Banking
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 informationCzech economy: ups and downs
Czech economy: ups and downs Eva Zamrazilová Member of the Board Czech National bank Conference on European Economic Integration 213 18 th 19 th November 213 Vienna Czech Republic basic background EU member
More information34 th Associates Meeting - Andorra, 25 May Item 5: Evolution of economic governance in the EU
34 th Associates Meeting - Andorra, 25 May 2012 - Item 5: Evolution of economic governance in the EU Plan of the Presentation 1. Fiscal and economic coordination: how did it start? 2. Did it work? 3. Five
More informationFDI in Central, East and Southeast Europe: Recovery amid Stabilising Economic Growth
Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies www.wiiw.ac.at wiiw FDI Report 217 FDI in Central, East and Southeast Europe: Recovery amid
More informationNPLs in Hungary. a regional perspective. Budapest, March 3, 2015
NPLs in a regional perspective Budapest, March 3, 215 James Roaf Senior Resident Representative IMF Regional Office for Central and Eastern Europe, Warsaw Diverging NPL ratios 2 NPLs as percent of total
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 May 27, 214 In 213:Q4, BIS reporting banks reduced their external positions to CESEE countries by.3 percent of GDP, roughly by the same amount as in Q3. The scale
More informationMIND THE CREDIT GAP. Spring 2015 Regional Economic Issues Report on Central, Eastern and Southeastern Europe (CESEE) recovery. repair.
Spring 215 Regional Economic Issues Report on Central, Eastern and Southeastern Europe (CESEE) repair recovery MIND THE CREDIT GAP downturn expansion May, 215 Growth Divergence in 214 Quarterly GDP Growth,
More informationBANK PEKAO SA. Delivering sustainable profitability on the back of scale and market leadership
BANK PEKAO SA Delivering sustainable profitability on the back of scale and market leadership Bank of America Merrill Lynch Banking & Insurance CEO Conference London, 26.09.2012 DISCLAIMER This presentation
More informationBANCA NAŢIONALĂ BANCA ROMÂNIEI
BANCA NAŢIONALĂ BANCA ROMÂNIEI A Stylized facts Report by McKinsey Global Institute (2010): Almost every major financial crisis in modern history has been followed by a significant period of deleveraging
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 informationBanking Market Overview
Banking Market Overview CEE and Romania 1. 1.1. Executive Summary Central and Eastern Europe (CEE)1 banking market overview Similar to 2009, in 2010 as well, the total CEE banking assets had a general
More informationNot all FDI contribute equally to capital accumulation and economic growth
Not all FDI contribute equally to capital accumulation and economic growth Author Kristofor Pavlov, Chief Economist of UniCredit Bulbank Prepared for the conference Attracting Investments: Strategies and
More informationBulgaria in the EU: Challenges and opportunities
Bulgaria in the EU: Challenges and opportunities 60 days before EU: what to expect, what to do? Sofia, October 18, 2006 Maria Laura Lanzeni Head of Emerging Markets Global Risk Analysis Think tank of Deutsche
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 informationEU Membership: A Post-Accession Boom, but New Policy Challenges
EU Membership: A Post-Accession Boom, but New Policy Challenges Christoph Rosenberg IMF Office for Central Europe and the Baltics 18 th Economic Forum in Krynica September 28 Most new member states have
More informationCESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 December 6, 216 Key developments in BIS Banks External Positions and Domestic Credit and Key Messages from the CESEE Bank Lending Survey The external positions of
More informationPoland s Economic Prospects
Poland s Economic Prospects Unicredit Conference Warsaw, June 8, 11 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe Recovery is driven by domestic demand Contributions to Real
More informationWhy Have Some CESEE Countries Done Better Than Others since Early Transition?
Why Have Some CESEE Countries Done Better Than Others since Early Transition? IMF Macroeconomic Policy Seminar Vienna, June 13, 2018 Bas B. Bakker Senior Regional Resident Representative for Central, Eastern
More informationMark Allen. Market power in CEE banking sectors and the impact of the global financial crisis. Discussion of Paper by Efthyvoulou and Yildirim
Market power in CEE banking sectors and the impact of the global financial crisis Discussion of Paper by Efthyvoulou and Yildirim CASE, Warsaw, February 15, 2013 Mark Allen Senior IMF Resident Representative
More informationSustainable development and EU integration of the Western Balkans
Sustainable development and EU integration of the Western Balkans Milica Uvalić University of Perugia Tripartite High-Level Regional Conference of Pan-European Trade Union Council: Taxation, Informal Economy
More information74 ECB THE 2012 MACROECONOMIC IMBALANCE PROCEDURE
Box 7 THE 2012 MACROECONOMIC IMBALANCE PROCEDURE This year s European Semester (i.e. the framework for EU policy coordination introduced in 2011) includes, for the first time, the implementation of the
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 information6 th Capital Markets Day 12 December 2008, Vienna
ERSTE GROUP, Vienna Solid performance in a Edit Papp, CEO, Erste Bank Hungary Doing business in Hungary Attractive economy evidenced by high capital investments/eu funds and World Bank recognition Since
More informationPKO Bank Polski. Poland - an interesting place on the investment map for the Danish entrepreneurs
PKO Bank Polski Poland - an interesting place on the investment map for the Danish entrepreneurs Copenhagen, 29th of April 2014 Leading bank in Poland and CEE The largest universal bank in Poland since
More informationHungary FDI and how it affects employment. 23rd May 2014
Hungary FDI and how it affects employment 23rd May 2014 Business environment Location: a market of 507 million EU citizens with access to the market of 205 million people of Russia, Ukraine and the Western
More informationCaucasus and Central Asia Regional Economic Outlook October 2011
Regional Economic Outlook October 211 Oil and gas exporters Oil and gas importers Kazakhstan Georgia Uzbekistan Kyrgyz Republic Armenia Azerbaijan Turkmenistan Tajikistan Overview Global outlook (CCA)
More informationConsequences of ECB s Non-Standard Monetary Policy Measures on the Western Balkan. Veselin Pješčić, Vice-Governor, National Bank of Serbia
Consequences of ECB s Non-Standard Monetary Policy Measures on the Western Balkan Veselin Pješčić, Vice-Governor, National Bank of Serbia Joint Vienna Institute, May 15 Key Issues and Findings Still to
More informationCURRENT ECONOMIC PERFORMANCE AND CHALLENGES FOR LITHUANIAN ECONOMY ALGIRDAS MISKINIS VILNIUS UNIVERSITY
CURRENT ECONOMIC PERFORMANCE AND CHALLENGES FOR LITHUANIAN ECONOMY ALGIRDAS MISKINIS VILNIUS UNIVERSITY Presentation prepared for the Conference: Competitiveness Strategies for the EU Small States Chambre
More informationSession 2. The IMF's macroeconomic framework
Session 2. The IMF's macroeconomic framework 1. Overview of the Macro Framework Some takeaways Linkages between sectors and policies are critical Financial programming (FP) is a tool for ensuring accounting
More informationThe Impact of the Crisis on Budget Policy in Central and Eastern Europe: A comparison to Middle East and North African countries
The Impact of the Crisis on Budget Policy in Central and Eastern Europe: A comparison to Middle East and North African countries Zsolt Darvas 2th Annual Meeting of OECD-MENA Senior Budget Officials Doha,
More informationBanking Market Overview
Banking Market Overview CEE and Romania Bucharest, March 212 212 Ensight Management Consulting. 2 Agenda Banking Sector Overview CEE banking market Romanian banking market 3 CEE and Romanian banking market
More informationUkraine s Vulnerability to a Financial Crisis
Ukraine s Vulnerability to a Financial Crisis Dr. Edilberto Segura Partner & Chief Economist SigmaBleyzer, The Bleyzer Foundation September 2008 v2 1 W H E R E O P P O R T U N I T I E S E M E R G E International
More informationMonetary and exchange rate policies in the Central and Eastern Europe: lessons and challenges. Jakub Borowski
Monetary and exchange rate policies in the Central and Eastern Europe: lessons and challenges Jakub Borowski Chief Economist Credit Agricole Bank Polska S.A. Building Market Economies in Europe: Lessons
More informationCentral and Eastern Europe: Global spillovers and external vulnerabilities
Central and Eastern Europe: Central and Eastern Europe: Global spillovers and external vulnerabilities ICEG Annual Conference Brussels, May 28 Christoph Rosenberg International Monetary Fund Overview The
More informationUkraine. Systematic Country Diagnostic
For Discussion Only Ukraine Systematic Country Diagnostic Discussion October 2016 1 2 OUTLINE OUTLINE 1. New WBG Country Engagement Approach: What is an SCD? 2. Growth and Sustainability in Ukraine 3.
More informationImplications of the European financial crisis for fiscal policy and public financing of the health and social sectors
Implications of the European financial crisis for fiscal policy and public financing of the health and social sectors Peter S Heller Visiting Professor of Economics Williams College April 17, 2013 Principal
More informationTurkish Financial Markets
YTL Thousands Percent ACTIVE ACADEMY - RISK MANAGEMENT SUMMIT MARCH 5, ISTANBUL OPENING REMARKS BY ULRICH ZACHAU Distinguished guests and participants. Good morning. It is my pleasure to be here today
More informationNicolaie Alexandru-Chidesciuc, CFA, PhD
, CFA, PhD Associate professor Romanian-American University Vice-president AAFBR Board member CFA Romania Bucharest, April 2011 1 Summary I. Some background II. Euro area imbalances III. Lessons IV. Conclusions
More informationCredit growth in Turkey: drivers and challenges
Credit growth in Turkey: drivers and challenges Erdem Başçı 1 1. Introduction After witnessing the most severe crisis of its recent history in 2001, the Turkish economy has rapidly recovered and is now
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 informationInvestor Presentation
Investor Presentation Perspectives on the Polish market and Nordea operations Włodzimierz Kiciński CEO Nordea Bank Polska Agenda Macroeconomic environment Banking market trends Nordea operations Strategic
More informationNATIONAL BANK OF ROMANIA 1
1 Policy Regime Choices & Constraints: Romania Need for further sustainable disinflation, incl. from EU convergence perspective; move from 8.5% to around 2-3% difficult, fraught with costs (non-linear
More informationEmerging Europe s Outlook Rapid Recovery or Post-crisis Hangover? Presented by: Ralf Wiegert Senior Economist IHS Global Insight
Emerging Europe s Outlook Rapid Recovery or Post-crisis Hangover? Presented by: Ralf Wiegert Senior Economist IHS Global Insight Emerging Europe s recovery Exports rebounded quickly, domestic demand slowly
More informationReport on financial stability
Report on financial stability Márton Nagy MNB Club 26 April 212 Key risks Deteriorating lending capacity stemming particularly from liquidity side raises the risk of a credit crunch, mainly in the corporate
More informationMonetary Policy and the Stability of the Banking Systems in the Countries of the Region - A Decade After the Lehman Brothers Bankruptcy
Monetary Policy and the Stability of the Banking Systems in the Countries of the Region - A Decade After the Lehman Brothers Bankruptcy Maja Kadievska Vojnovikj Vice Governor Sector of Financial Market
More informationBanking on Turkey, October 21, 2008
Banking on Turkey, October 21, 2008 Slide 1. Title Slide Good morning. The global economic downturn and financial turmoil mean that economic growth will slow down in Turkey. There will be much slower growth,
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA THIRD QUARTER OF 2018 SOFIA HIGHLIGHTS The Bulgarian economy recorded growth of 3,2% on an annual basis in Q2 2018, driven by the private consumption and
More informationChallenges of supervisory regulatory changes. Mira Erić Vice-Governor, National Bank of Serbia Washington, June 3 rd 2010
Challenges of supervisory regulatory changes Mira Erić Vice-Governor, National Bank of Serbia Washington, June 3 rd 2010 Contents Overview of Serbian market Current banking regulatory framework in Serbia
More informationRegional Benchmarking Report
Financial Sector Benchmarking System Regional Benchmarking Report October 2011 About the Financial Sector Benchmarking System This Regional Benchmarking Report is part of a series of benchmarking reports
More informationSpring Forecast: slowly recovering from a protracted recession
EUROPEAN COMMISSION Olli REHN Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Spring Forecast: slowly recovering from a
More informationNew Realities of Pension Policy in Central Europe. Policy in Central Europe
New Realities of Pension Policy in Central Europe Policy in Central Europe Anita M. Schwarz Lead Economist, Human Development Department Europe and Central Asia Region World Bank All Countries in the Europe
More informationPresentation. The Boom in Capital Flows and Financial Vulnerability in Asia
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 2011, Manila,
More informationOVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014
OVERVIEW The EU recovery is firming Europe's economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time
More informationRecovery at risk? - CEE external vulnerability and Poland Article IV preliminary conclusions
Central, Eastern and Southeastern Europe (CESEE) Recovery at risk? - CEE external vulnerability and Poland Article IV preliminary conclusions CASE, Warsaw - May 27, 214 James Roaf Senior Resident Representative
More informationSummary of the June 2010 Financial Stability RevieW
Summary of the June 21 Financial Stability RevieW The primary objective of the s Financial Stability Review (FSR) is to identify the main sources of risk to the stability of the euro area financial system
More informationMacedonian economy during the global crisis and challenges ahead
Macedonian economy during the global crisis and challenges ahead Aneta Krstevska Chief Economist Skopje, January 13 Content: The impacts of the crisis on Macedonian economy and latest macroeconomic forecasts
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA SECOND QUARTER OF 2018 SOFIA HIGHLIGHTS The Bulgarian economy recorded growth of 3,6% on an annual basis in Q1 2018, driven by the private consumption and
More informationTHE GREEK BANKING SYSTEM
THE GREEK BANKING SYSTEM During the past two decades, the Greek banking and financial system has undergone momentous transformations, amounting to what the Financial Times once characterized as no less
More informationFiscal Consolidation
Fiscal Consolidation Sam Beckett, Director, Fiscal Policy, HM Treasury 27 May 2011 Overview of presentation 1. Origin of the UK fiscal deficit 2. Fiscal policy response and framework reform 3. Latest forecasts
More informationPeriod 3 MBA Program January February MACROECONOMICS IN THE GLOBAL ECONOMY Core Course. Professor Ilian Mihov
Period 3 MBA Program January February 2008 MACROECONOMICS IN THE GLOBAL ECONOMY Core Course Professor SOLUTIONS Final Exam February 25, 2008 Time: 09:00 12:00 Note: These are only suggested solutions.
More informationFiscal rules in Lithuania
Fiscal rules in Lithuania Algimantas Rimkūnas Vice Minister, Ministry of Finance of Lithuania 3 June, 2016 Evolution of National and EU Fiscal Regulations Stability and Growth Pact (SGP) Maastricht Treaty
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA IN 2018
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA IN 2018 SOFIA HIGHLIGHTS In 2018 the Bulgarian economy recorded growth of 3,1% on an annual basis, driven by the private consumption and investments; The
More informationEconomic outlook in the Western Balkans
Economic outlook in the Western Balkans Holger Muent, Regional Head Western Balkans June 217 The Western Balkans convergence challenge: decades or centuries? FullconvergencewithEUlivingstandardscanrangefrom4yearsinanoptimisticscenariotomorethan2
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA SECOND QUARTER OF 2017 Sofia HIGHLIGHTS The Bulgarian economy recorded growth of 3,9% on an annual basis in Q1 2017, driven by the domestic demand; The inflation
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Ninth Meeting April 12, 2014 Statement by Siim Kallas, Vice-President of the European Commission On behalf of the European Commission Statement of
More informationThe new fiscal code economic context and impact on the budget. Ionut Dumitru President of the Fiscal Council June 2015
The new fiscal code economic context and impact on the budget Ionut Dumitru President of the Fiscal Council June 2015 A booming economy before the crisis 1.8 2.1 Annual average GDP growth (2001-2008) 3.3
More informationHungary: Pre-Crisis Macro Vulnerabilities, Policy Responses and Current Outlook
Hungary: Pre-Crisis Macro Vulnerabilities, Policy Responses and Current Outlook Júlia Király, Deputy Governor Magyar Nemzeti Bank (the central bank of Hungary) Czech National Bank conference on Introducing
More informationMaja Kadievska-Vojnovik, MSc Vice-governor National Bank of the Republic of Macedonia. Vienna, May 22, 2015
Maja Kadievska-Vojnovik, MSc Vice-governor National Bank of the Republic of Macedonia Vienna, May 22, 2015 Eurosystem s non-standard measures and initial effects Economic and financial linkages of the
More informationThe Macroeconomics of Financial Integration: A European Per
The Macroeconomics of Financial Integration: A European Perspective Prepared for the DG ECFIN Annual Research Conference Philip R. Lane Trinity College Dublin October 2008 Introduction European experience
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 informationChart pack to council for cooperation on macroprudential policy
Chart pack to council for cooperation on macroprudential policy Contents List of charts... 3 Macro and macro-financial setting... 5 Swedish macroeconomic setting... 5 Foreign macroeconomic setting... Macro-financial
More informationTaking Stock of Monetary and Exchange Rate Regimes in Emerging Europe
Taking Stock of Monetary and Exchange Rate Regimes in Emerging Europe Nazim Belhocine, Ernesto Crivelli, Nan Geng, Tiberiu Scutaru, Johannes Wiegand, and Zaijin Zhan Based on EUR Departmental Paper 03/16,
More informationConvergence in the Baltics: From Boom to Bust?
Convergence in the Baltics: From Boom to Bust? Christoph Rosenberg IMF Office for Central Europe and the Baltics CASE Warsaw, September 3, 28 EU15: Population: 332.1 mn GDP PPP per capita: 27.6 Population:
More informationChallenges & policies to attain sustainable economic convergence in CESEE countries
Challenges & policies to attain sustainable economic convergence in CESEE countries Debora Revoltella Director, EIB Economics Department Frankfurt am Main, 5 Oct 2017 European Investment Bank Group 06/10/2017
More informationEMPLOYMENT RATE IN EU-COUNTRIES 2000 Employed/Working age population (15-64 years)
EMPLOYMENT RATE IN EU-COUNTRIES 2 Employed/Working age population (15-64 years EU-15 Denmark Netherlands Great Britain Sweden Portugal Finland Austria Germany Ireland Luxembourg France Belgium Greece Spain
More informationBest practice insolvency and creditor rights systems: key for financial stability
Best practice insolvency and creditor rights systems: key for financial stability Prepared by F. Montes-Negret 1 When the World Bank in 2001 approved Insolvency and Creditors Rights (ICRs) Principles,
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL ON BORROWING AND LENDING ACTIVITIES OF THE EUROPEAN UNION IN 2016
EUROPEAN COMMISSION Brussels, 23.11.2017 COM(2017) 682 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL ON BORROWING AND LENDING ACTIVITIES OF THE EUROPEAN UNION IN 2016 EN EN
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 informationKOSOVO: Remittances to continue driving growth
KOSOVO 81 KOSOVO: Remittances to continue driving growth RICHARD GRIEVESON The economy will remain one of the fastest growing in Europe during the 217-219 forecast period, driven by remittances and investment.
More informationLithuania: in a wind of change. Robertas Dargis President of the Lithuanian Confederation of Industrialists
Lithuania: in a wind of change Robertas Dargis President of the Lithuanian Confederation of Industrialists 2017 06 15 Lithuanian Confederation of Industrialists - the largest business organisation in Lithuania
More informationIZMIR UNIVERSITY of ECONOMICS
IZMIR UNIVERSITY of ECONOMICS Department of International Relations and the European Union TURKEY EU RELATIONS ( EU308) FOREIGN DIRECT INVESTMENT IN THE EUROPEAN UNION AND TURKEY Prepared By: Büke OŞAFOĞLU
More informationTHE ECONOMY AND THE BANKING SECTOR IN BULGARIA IN 2017
THE ECONOMY AND THE BANKING SECTOR IN BULGARIA IN 2017 Sofia HIGHLIGHTS In 2017 the Bulgarian economy recorded growth of 3,6% compared to the previous year, driven by the private consumption and the investments
More informationPoland: Massive IMF Lending Prevents a Major Banking Crisis, but Longer Term Risks Remain
Poland: Massive IMF Lending Prevents a Major Banking Crisis, but Longer Term Risks Remain Daniel McGovern January 30, 2010 Poland escaped a full-scale banking crisis and severe recession in 2009, thanks
More informationHungary s balance of payments account remained positive in Q4 2017
Hungary s balance of payments account remained positive in Q4 Persistently positive real economic trends, among them export and import growth, have caused Hungary s balance of payments account to remain
More informationInternational Financial Market Indicators Short-Term Interest Rates Long-Term Interest Rates Stock Indices Corporate Bond Spreads
International Financial Market Indicators Short-Term Interest Rates Long-Term Interest Rates Stock Indices Corporate Bond Spreads Table A A A3 A4 Financial Indicators of the Austrian Corporate and Household
More informationRETAIL BANKING OUTSIDE FRANCE
RETAIL BANKING OUTSIDE FRANCE Komerèní Banka Alexis Juan Société Générale Investor Day April 19th 2002 Disclaimer This presentation contains forward-looking statements ( targets under average economic
More informationUkraine s Economy Since Independence and Current Situation
Ukraine s Economy Since Independence and Current Situation Dr. Edilberto Segura SigmaBleyzer - The Bleyzer Foundation January 2013 v1 1 W H E R E O P P O R T U N I T I E S E M E R G E Economic Performance
More informationEvaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund
Evaluation Only. Created with Aspose.Words. Copyright 2003-2011 Aspose Pty Ltd. International Monetary Fund Czech Republic 2010 Article IV Consultation Concluding Statement January 25, 2010 The macroeconomic
More informationTURKEY: RECENT DEVELOPMENTS January September 2018
TURKEY: RECENT DEVELOPMENTS January September 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years
More informationVolksbank International
Volksbank International Your strong Partner in Central and Eastern Europe Focus on CEE Vienna Economic Talks, Chisinau, Republic of Moldova, 24-25 June 2010 Among the first Banks in CEE Volksbank AG (VBAG),
More information