Better in than out? Economic performance inside and outside the European monetary union. Roma, Rapporto Europa 2015
|
|
- Barbra James
- 5 years ago
- Views:
Transcription
1 Better in than out? Economic performance inside and outside the European monetary union Rapporto Europa 2015 Roma,
2 Table of Content I. The political threat Why European monetary union? II. Europe s big recession Economic growth inside and outside the Euro Area Exchange rate flexibility The impact of austerity Output gaps Components of aggregate demand III. Monetary Policy and Quantitative Easing IV. Fiscal Policy: austerity without end? Debt dynamics V. Wage developments Competitiveness Decomposing the competitiveness effect Conclusion Annex 2
3 I. The political threat 3
4 60% 50% 40% 30% 20% 52% 50% 49% 48% 46% 45% 45% 48% 43% 42% 32% 34% 31% 34% 35% 36% 38% 36% 37% 35% 15% 17% 15% 14% 15% 17% 17% 19% 16% 15% 40% 38% 40% 41% 38% 39% 39% 39% 39% 38% 39% 37% 35% 31% 31% 30% 30% 31% 26% 28% 29% 29% 28% 25% 22% 20% 20% 10% 0% 2% 3% 2% 3% 2% 2% 2% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% Sp.2006 A ut.2006 Sp.2007 A ut.2007 Sp.2008 A ut.2008 Jan.-Feb.2009 Sp.2009 A ut.2009 Sp.2010 A ut.2010 Sp.2011 A ut.2011 Sp.2012 A ut.2012 Sp.2013 A ut.2013 Sp.2014 A ut.2014 EB65 EB66 EB67 EB68 EB69 EB70 EB71.1 EB71 EB72 EB73 EB74 EB75 EB76 EB77 EB78 EB79 EB80 EB81 EB82 Total "positive" Neutral Total "negative" Don't know 4
5 Why European monetary union? Padoa Schioppa s inconsistent quartett Robert Mundell s optimum currency area 5
6 Figure 3. ERM Exchange rates in crisis 6
7 II. Europe s big recession 7
8 Major Economies CrisisCountries NorthernEuropeinsideEuroArea Euro area (18 countries) Non-Euro 18 European Union (28 countries) United States Japan Opt out Countries Euro area (18 countries) taly Spain Greece Cyprus Portugal Ireland New Member States within the Euro Area Euro Area (18 countries) Austria Belgium Finland France Germany Netherlands New Member States outside the Euro Area Euro area (18 countries) United Kingdom Sweden Denmark Euro area (18 countries) Slovakia Slovenia Estonia Latvia Lithuania Euro area (18) Czech Republic Hungary Bulgaria Romania Poland
9 Figure 6. Exchange rates relative to euro Exchange Rate Index for Opt-out Countries Exchange Rate Index for New Member States UK pound sterling Swedish krona Danish krone Polish zloty Czech koruna Hungarian forint Bulgarian lev Romania lei Croatian kuna 9
10 Figure 6. Exchange rates relative to euro Figure 7. Output gaps and potential output Euro Area 18 European Union 28 Non-Euro Area ,000 9,600 9,200 8,800 8,400 8,000 7,600 7, ,000 13,000 12,000 11,000 10,000 9, ,000 3,600 3,200 2,800 2,400 2, Gap GDP real Potential GDP 10
11 Figure 8. Cumulative effect of growth components since Euro Area 18 2,5 Non-Euro Area 4 2,0 2 1,5 0 1,0-2 0,5-4 0,0-6 -0, , United States 6 Japan Public consumption Private consumption Gross investment Net export GDP growth Public consumption Private consumption Gross investment Net export GDP growth 11
12 III. Monetary Policy and Quantitative Easing 12
13 Figure 9. Total Assets of Central Banks (index December 2007=100) Federal Reserve Bank of England Bank of Japan ECB Source: Datastream. 13
14 IV. Fiscal Policy: austerity without end? 14
15 Figure 11. Budget positions Budget Balance General Government Structural Budget Balance Source: IMF Source: IMF deficit France deficit Italy deficit Japan deficit Germany deficit United Kingdom deficit United States structural France structural Italy structural United States structural Germany structural United Kingdom structural Japan 15
16 Figure 13. Drivers of public debt 5% 4% 3% 2% 1% 0% -1% -2% Euro Area Q1 2007Q3 2008Q1 2008Q3 2009Q1 2009Q3 2010Q1 2010Q3 2011Q1 2011Q3 2012Q1 2012Q3 2013Q1 2013Q3 2014Q1 2014Q3 Debt growth Negative GDP growth Debt/GDP 15% Non-EA 10% 5% 0% -5% -10% 2006Q2 2006Q4 2007Q2 2007Q4 2008Q2 2008Q4 2009Q2 2009Q4 2010Q2 2010Q4 2011Q2 2011Q4 2012Q2 2012Q4 2013Q2 2013Q4 2014Q2 Debt growth Negative GDP growth Debt/GDP
17 17
18 Table 4. Fiscal Policy Stance and Debt Sustainability Primary surplus growth adjusted interest rate level Sum of change (y r) Difference European Union 0.81 European Union (15) sustainable Euro area sustainable Euro area (12) sustainable Belgium not sustainable Germany sustainable Estonia sustainable Ireland sustainable Greece not sustainable Spain sustainable France sustainable Italy not sustainable Cyprus sustainable Latvia sustainable Lithuania sustainable Luxembourg sustainable Malta sustainable Netherlands sustainable Austria sustainable Portugal sustainable Slovenia sustainable Slovakia sustainable Finland not sustainable Bulgaria not sustainable Czech Republic not sustainable Denmark not sustainable Croatia (1) not sustainable Hungary not sustainable Poland sustainable Romania sustainable Sweden not sustainable United Kingdom sustainable 18
19 V. Wage developments 19
20 Figure 15. Relative return on capital for Non-Euro Area, USA and Japan Wage-led growth? Incresing the wage share? Implications for competitiveness A new measure of the CER- Competitiveness Index Equilibrium wage derived from equality of return on capital Non-Euro Area United States Japan
21 Figure 15. Relative return on capital for Non-Euro Area, USA and Japan Equilibrium wage depends on: A country s labour productivity (+) Relative capital-output ratio (+) Relative inflation (-) 21
22 Equilibrium wage against actual wage 42 Germany France Italy Spain Greece United Kingdom
23 CER Competitive index GERMANY ITALY GREECE UNITED KINGDOM POLAND UNITED STATES 23
24 24
25 Conclusion No systemic advantages for being outside the Euro Area and using the exchange rate as a policy tool. The difference between in and out countries is the conduct of stabilization policies. The Euro Area has suffered from excessive restrictions on effective demand. Policy orientations must re-focus on macro-stability and balanced growth. 25
26 Conclusion The political question: how to change policy orientations Europe stands at a crossroad. Either it will move forward towards more integration with centralized and democratically controlled decision making or it will disappear. Tertium non datur. 26
The Baltic economies: Current situation and future trends, possibilities and pitfalls
The Baltic economies: Current situation and future trends, possibilities and pitfalls Riga, 15 October 2015 Morten Hansen Head of Economics Department, Stockholm School of Economics in Riga Member of the
More informationLithuanian export: is it time to prepare for changes? Aleksandr Izgorodin Expert
Lithuanian export: is it time to prepare for changes? Aleksandr Izgorodin Expert Export is the main locomotive behind growth in LT economy Lithuania: change in real GDP and its components, % 78,2 71,8
More informationECB-PUBLIC COURTESY TRANSLATION
Mario DRAGHI President ECB-PUBLIC COURTESY TRANSLATION Ms Laura Ferrara Mr Marco Valli Mr Marco Zanni Members of the European Parliament European Parliament 60, rue Wiertz B-1047 Brussels Frankfurt, 7
More informationLecture 3 The Lisbon Strategy
Lecture 3 The Lisbon Strategy Outline The Lisbon European Council held in March 2000 recognized the need of reforming labour,, product, and financial markets in order the performance of the EU economy
More informationTHE ICELANDIC ECONOMY AN IMPRESSIVE RECOVERY BUT WHAT CHALLENGES LIE AHEAD?
THE ICELANDIC ECONOMY AN IMPRESSIVE RECOVERY BUT WHAT CHALLENGES LIE AHEAD? FROM BUST TO BOOM. AN EPIC BUST After 16 years of growth with a short pause for breath in 2002, the Icelandic economy entered
More informationNEW COMMERCIAL VEHICLE REGISTRATIONS EUROPEAN UNION 1. July and August 2017
PRESS EMBARGO: NEW COMMERCIAL VEHICLE REGISTRATIONS EUROPEAN UNION 1 July and August 2017 Next press release: Tuesday 24 October 2017 1 Data for Malta unavailable Page 1 of 12 Commercial vehicle registrations:
More informationThe future of the Euro Area and Its Enlargement. André Sapir
The future of the Euro Area and Its Enlargement André Sapir Outline EMU: lessons from the crisis When should Romania join EMU? Lessons from the crisis: What was wrong with EMU 1.0? Impact of EMU on financial
More informationDespite geopolitical woes Lithuania s economy enjoys balanced growth
Lithuanian Economic Outlook Despite geopolitical woes Lithuania s economy enjoys balanced growth Indrė Genytė-Pikčienė Chief analyst Economic Research Department DNB Markets 30 th of May, 2014 2000 I 2000
More informationCommon Market Organisation (CMO) Fruit and vegetables sector Evolution of EU prices of certain F&V
Common Market Organisation (CMO) Fruit and vegetables sector Evolution of EU prices of certain F&V Unit C.2. - Wine, spirits, horticultural products, specialised crops DG Agriculture and Rural Development
More informationSocial Convergence, Development Failures and Industrial Relations: The Case of Portugal
Social Convergence, Development Failures and Industrial Relations: The Case of Pilar González Faculty of Economics, University of Porto António Figueiredo Quaternaire Context joined the EU with very low
More informationVignettes on Greece. Daniel Gros. Panel discussion Euro-crisis & Greece March 20, 2013 l Hellenic Observatory l London
Vignettes on Greece by Daniel Gros Panel discussion Euro-crisis & Greece March 20, 2013 l Hellenic Observatory l London Thinking ahead for Europe Centre for European Policy Studies (CEPS) www.ceps.eu Outline:
More informationArchitecture - the Market
2 Architecture - the Market Architect: Ibelings van Tilburg architecten Project: De Karel Doorman Winner of the BNA Building of the Year 2013 Public Prize Photographer: Ossip van Duivenbode Place: Rotterdam
More informationOECD employment rate increases to 68.4% in the third quarter of 2018
Paris, 17th January 2019 News Release: 3rd Quarter 2018 OECD employment rate increases to 68.4% in the third quarter of 2018 The OECD area employment rate the share of the working-age population with jobs
More informationWorld real GDP growth in 2010 Annual percent change
World real GDP growth in 2010 Annual percent change 1 or more 6-1 3-6% 0-3% Less than No data Source: International Monetary Fund. World real GDP growth in 2011 Annual percent change 1 or more 6-1 3-6%
More informationMax Sort Sortation Option - Letters
Max Sort Sortation Option - Letters Western Europe Prices Product Code PS5 PS6 Austria* 0.330 7.550 0.330 7.400 Belgium* 0.370 3.700 0.370 3.540 Denmark* 0.620 5.350 0.620 4.215 Finland* 0.385 4.400 0.385
More informationsector: recent developments VÍTOR CONSTÂNCIO
The economy and the banking sector: recent developments VÍTOR CONSTÂNCIO January 2006 Recent performance of the economy and prospects Factors behind the period of slow growth Challenges to the Banking
More informationSwedish and European Opinions on Energy Production
Sören Holmberg Department of Political Science Göteborg University December 6 Swedish and European Opinions on Energy Production Paper/slides presented at a CEFOS international research seminar at the
More informationAfter the British referendum
Future of Europe After the British referendum Broader issues for the UK and the EU David Marsh, Managing Director, OMFIF 27 October 2016 Nicosia 1 European politics moves against integration A new phase
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A03-2016 Selection year 2017 Collaborative Partnerships Small Collaborative Partnerships Not-for-profit European Sport Events Erasmus+ Applications
More informationThe Herzliya Indices. National Security Balance The Civilian Quantitative Dimension. Herzliya Conference Prof. Rafi Melnick, IDC Herzliya
The Herzliya Indices National Security Balance The Civilian Quantitative Dimension Herzliya Conference 2015 Prof. Rafi Melnick, IDC Herzliya 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
More informationAREA TOTALS OECD Composite Leading Indicators. OECD Total. OECD + Major 6 Non Member Countries. Major Five Asia. Major Seven.
Reference series Composite leading indicators OECD Composite Leading Indicators AREA TOTALS 7-03- 19 OECD Total 19 OECD + Major 6 Non Member Countries 19 Major Seven 19 Major Five Asia 19 Euro area 19
More informationEconomic potential of Agriculture and Pig production in Baltic region. Mindaugas Jurgelis, analyst 30 May, 2012
Economic potential of Agriculture and Pig production in Baltic region Mindaugas Jurgelis, analyst 30 May, 2012 1 Global tendencies of food production 2 Food prices near historical peak level FAO food price
More informationTHE WORLD COMPETITIVENESS SCOREBOARD 2011
THE WORLD COMPETITIVENESS SCOREBOARD 2011 98.557 94.063 92.588 92.011 90.782 90.219 89.259 87.824 86.475 86.418 86.313 85.707 84.380 84.120 81.629 81.619 81.100 80.278 79.799 78.499 77.599 77.101 76.827
More information154074/EU XXV. GP. Eingelangt am 14/09/17 PE-CONS 25/1/17 REV 1 EUROPEAN UNION. Strasbourg, 13 September 2017 (OR. en) PE-CONS 25/1/17 REV 1
154074/EU XXV. GP Eingelangt am 14/09/17 EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Strasbourg, 13 September 2017 (OR. en) 2016/0186 (COD) LEX 1754 PE-CONS 25/1/17 REV 1 CULT 69 AELE 49 EEE 27 CODEC
More informationArchitect: Dekleva Gregoric Architects Project: Compact Karst House Photo: James Maroti Place: Vrhovlje, Slovenia
Architect: Dekleva Gregoric Architects Project: Compact Karst House Photo: James Maroti Place: Vrhovlje, Slovenia 4.1 EARNINGS Average architects earnings are 32 068 (adjusted for PPP). This is 10 per
More informationBeer statistics edition. The Brewers of Europe
Beer statistics 2017 edition The Brewers of Europe Beer statistics 2017 edition The Brewers of Europe December 2017 ISBN 978-2-9601382-9-0 EAN 9782960138290 1 TABLE OF CONTENTS Foreword by President
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division November 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division November 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More informationBeer statistics edition. The Brewers of Europe
Beer statistics 2016 edition The Brewers of Europe Beer statistics 2016 edition The Brewers of Europe November 2016 ISBN 978-2-9601382-7-6 EAN 9782960138276 1 TABLE OF CONTENTS Foreword by President
More informationRoad Safety Pledge. Route to vision zero 2050 in Europe The Hague, June 14th, Malta. Luxembourg Lithuania Latvia Italy
Malta Luxembourg Lithuania Latvia Italy Ireland The Netherlands Sweden Spain Slovenia Slovakia Romania Portugal Poland 1965 Road Safety Pledge Route to vision zero 2050 in Europe The Hague, June 14th,
More informationHistory of the European Monetary Integration
History of the European Monetary Integration European Payment Union (1950-1958) Facilitated multilateral clearing of payment imbalances. The Bank of International Settlements acted as a clearing house.
More informationThe structure of the euro area recovery
The structure of the euro area recovery Rolf Strauch, Chief Economist JPMorgan Investor Seminar, IMF Annual Meetings Washington, October 2017 The euro area: a systemic player in global trade Trade openness
More informationAustria: Key Economic Features
Austria: Key Economic Features and EU Guanghua School of Management Josef Christl, Macro-Consult 16. Oktober 2017 Austria: a small, but rich country Population, mn. GDP per capita PPP, USD 1600 60000 1400
More informationtrends in european defense spending,
trends in european defense spending, 21 26 A Report of the CSIS Defense-Industrial Initiatives Group authors Wan-Jung Chao Gregory Sanders Guy Ben-Ari april 28 CSIS CENTER FOR STRATEGIC & INTERNATIONAL
More informationCURRENT DEMOGRAPHIC SITUATION IN LATVIA
CURRENT DEMOGRAPHIC SITUATION IN LATVIA Peteris Zvidrins University of Latvia Workshop Very old people s housing and housing and health situation in Latvia 21 May, 2013 Population and its change in 10
More information2016/17 UEFA European Under-17 and Under-19 Championships Qualifying round draws. 3 December 2015, Nyon, Switzerland
2016/17 UEFA European Under-17 and Under-19 Championships Qualifying round draws 3 December 2015, Nyon, Switzerland DRAW PROCEDURE Qualifying rounds 16th UEFA European Under-17 and Under-19 Championships,
More informationNATIONAL INSTITUTE OF STATISTICS ROMANIA. «La statistique [est la] science de l État» Michel Foucault LIFE EXPECTANCY.
NATIONAL INSTITUTE OF STATISTICS ROMANIA «La statistique [est la] science de l État» Michel Foucault LIFE EXPECTANCY - October 2013 - Following a tradition of over 150 years, the official statistics of
More informationUEFA Nations League 2018/19 League Phase Draw Procedure
Date and time: Wednesday, 24 January 2018 Place: Duration: Regulations: Participants: Objective: Seeding: Lausanne, Switzerland approx. 40 minutes for technical part Art. 12-13 of the competition regulations
More informationPublic Procurement Indicators 2014
Ref. Ares(216)78649-1/2/216 Public Procurement Indicators 214 DG GROW G4 - Innovative and e-procurement February 2, 216 1 Summary of main facts This document provides various indicators describing the
More informationBeer statistics edition. The Brewers of Europe
Beer statistics 2015 edition The Brewers of Europe Beer statistics 2015 edition The Brewers of Europe Editor: Marlies Van de Walle October 2015 ISBN 978-2-9601382-5-2 EAN 9782960138252 1 TABLE OF CONTENTS
More informationSwedish Opinion on Nuclear Power
Swedish Opinion on Nuclear Power 1986 2015 Sören Holmberg June 2016 The Research Project Energy Opinion in Sweden Financed by Swedish Energy Agency 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
More informationSelection statistics
Selection statistics ERASMUS+ Sport Call for proposals EAC-A05-2017 Selection year 2018 Collaborative Partnerships Small Collaborative Partnerships Not-for-profit European Sport Events Applications received
More informationNational Transfer Accounts in Mexico
National Transfer Accounts in Mexico Policy implications: labor market Iván Mejía Guevara imejiag@stanford.edu Stanford University 12th Global Meeting of the NTA Network, Mexico City, July 23-27, 2018
More informationEUROPEAN RIDERS, HORSES AND SHOWS AT THE FEI 2012
EUROPEAN RIDERS, HORSES AND SHOWS AT THE FEI 2012 Presentation to the EEF Sports Forum Essen, 21 st March 2013 1 Introduction In 2010 the Small Nations Working Group started this study, to know exactly
More informationPublic Procurement Indicators 2015
Public Procurement Indicators 21 DG GROW G4 - Innovative and e-procurement December 19, 216 1 Summary of main facts This document provides various indicators describing the public procurement market in
More informationConference SMEs and the Euro. The Financial Impact of the Euro on SMEs
Conference SMEs and the Euro The Financial Impact of the Euro on SMEs Brussels, October 18, 2007 Doris Ritzberger-Grünwald Head, Foreign Research Division ceec.oenb.at 1 www.oenb.at oenb.info@oenb.at Overview
More informationEmerging from the euro debt crisis Making the single currency work
Emerging from the euro debt crisis Making the single currency work Dr. Michael Heise, Allianz SE American Institute for Contemporary German Studies Johns Hopkins University Washington D.C., August 20,
More informationRUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018
RUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018 Competitions calendar 2017-2018 updated on December 6th 15-a-side Men Senior Competitions Competing Teams Details (dates and venues) North South North South
More informationEH LIVESTOCK TRANSPORT PAST - PRESENT - FUTURE
E.H.CONSULTANCY HARPER LIVESTOCK TRANSPORT PAST - PRESENT - FUTURE NATIONAL CHAIRMAN RHA LIVESTOCK GROUP MEMBER OF FAWC (FARM ANIMAL WELFARE COUNCIL) HARPER CHAIRMAN AATA ANIMAL WELFARE COMMITTEE PAST
More informationSwedish Opinion on Nuclear Power
Swedish Opinion on Nuclear Power 1986 2013 Sören Holmberg May 2014 The Research Project Energy Opinion in Sweden Financed by Swedish Energy Agency Swedes on the Use of Nuclear Power as an Energy Source
More informationTABLE 1: NET OFFICIAL DEVELOPMENT ASSISTANCE FROM DAC AND OTHER DONORS IN 2012 Preliminary data for 2012
TABLE 1: NET OFFICIAL DEVELOPMENT ASSISTANCE FROM DAC AND OTHER DONORS IN 2012 DAC countries: 2012 2011 2012 ODA ODA/GNI ODA ODA/GNI ODA Percent change USD million % USD million % USD million (1) 2011
More informationMinistry of Economy and Sustainable Development of Georgia
Ministry of Economy and Sustainable Development of Georgia Economic Growth 42,000.0 36,000.0 30,000.0 24,000.0 18,000.0 12,000.0 6,000.0 0.0 GDP AND ECONOMIC GROWTH 7.2% 6.2% 6.4% 4.6% 4.8% 3.4% 2.9% 2.8%
More informationRISI EUROPEAN CONFERENCE. (Barcelona, 6 March 2018) The European Economy Things look good just now. Can this last?
RISI EUROPEAN CONFERENCE (Barcelona, 6 March 2018) The European Economy Things look good just now. Can this last? Andrea Boltho Magdalen College University of Oxford and Oxford Economics CONCLUSIONS OF
More informationFibre to the Home: Taking your life to new horizons!
Fibre to the Home: Taking your life to new horizons! Hartwig Tauber, Director General FTTH Council Europe Press Conference - Milan, 13 January 2011 FTTH Council Europe Photo by Nicolo Baravalle FTTH Council
More informationUEFA EURO 2020 Qualifying Draw Procedure
UEFA EURO 2020 Qualifying Draw Procedure UEFA EURO 2020 Qualifying Draw Procedure Date and time: Place: Duration: Regulations: Participants: Objective: Seeding: Sunday, 2 nd December 2018, 12h00 (start
More informationRUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018
RUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018 Competitions calendar 2017-2018 updated on October 5th 15-a-side Men Senior Competitions Competing Teams Details (dates and venues) Championship Trophy Conference
More informationRUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018
RUGBY EUROPE COMPETITIONS CALENDAR 2017 / 2018 Competitions calendar 2017-2018 updated on February 7th 15-a-side Men Senior Competitions Competing Teams Details (dates and venues) North South North South
More information23 November 2018, Nyon, Switzerland. 2019/20 UEFA European Women s Under-17 and Women s Under-19 Championships. Qualifying round draws
23 November 208, Nyon, Switzerland 209/20 UEFA European Women s Under-7 and Women s Under-9 Championships Qualifying round draws DRAW PROCEDURE Qualifying rounds 3th UEFA European Women s Under-7 and 9th
More information2016/17 UEFA European Women s Under 17 and Women s Under 19 Championships Qualifying draws
2016/17 UEFA European Women s Under 17 and Women s Under 19 Championships Qualifying draws 13 November 2015, Nyon, Switzerland DRAW PROCEDURE Qualifying rounds UEFA European Women s Under-17 and Women
More informationRomania nominal and real convergence on the way to euro adoption
Romania nominal and real convergence on the way to euro adoption Ionut Dumitru President of the Fiscal Council and Chief-economist, Raiffeisen Bank Romania February 2015 Eurozone enlargement current status
More informationURBAN LAND INSTITUTE
URBAN LAND INSTITUTE 2012 ULI FALL MEETING (Denver, 18 October 2012) The Global Economic Outlook Dark clouds on the horizon Andrea Boltho Magdalen College University of Oxford Oxford Economics and REAG
More informationTEGMA Fall Transportation Symposium
TEGMA 2017 Fall Transportation Symposium John Wilson Senior Vice President Dairy industry trends 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Million
More informationIRELAND: EUROPE S FASTEST GROWING ECONOMY
IRELAND: EUROPE S FASTEST GROWING ECONOMY Remarkable turnaround story continues to get better S&P Capital IQ June 9 th, 2015 Index Page 3: Macroeconomy Page 13: Fiscal & NTMA Funding Page 23: Rebalancing
More informationWestern Health Care Systems: Under Pressure from Demography
Western Health Care Systems: Under Pressure from Demography Nicholas Eberstadt Henry Wendt Chair in Political Economy American Enterprise Institute eberstadt@aei.org Presentation at Panel on Health Care
More information2014/15 UEFA European Under-17 and Under-19 Championships Elite round draws. 3 December 2014, Nyon, Switzerland
0/5 UEFA European Under-7 and Under-9 Championships Elite round draws December 0, Nyon, Switzerland DRAW PROCEDURE Elite rounds th UEFA European Under-7 and Under-9 Championships, 0/5 TEAMS QUALIFYING
More informationDEVELOPMENT AID AT A GLANCE
DEVELOPMENT AID AT A GLANCE STATISTICS BY REGION 5. EUROPE 2018 edition All the data in this report are available at: http://www.oecd.org/dac/financing-sustainable-development/ 5.1. ODA TO EUROPE - SUMMARY
More informationPanel on Post-Crisis Growth Performance Determinants, Effects and Policy Implications
Panel on Post-Crisis Growth Performance Determinants, Effects and Policy Implications Carmen M. Harvard University Bank of Canada and European Central Bank Conference Ottawa, June 8-9, 2015 1 Outline (i)
More informationWelcome. Eurocodes Implementation: Training JRC report
Welcome Eurocodes Implementation: Training JRC report Artur Pinto Silvia Dimova Luisa Sousa Borislava Nikolova Joint Research Centre, European Commission J C Juncker (President Elect) 10 Political priorities
More informationPosting of workers in the European Union and EFTA countries : Report on A1 portable documents issued in 2010 and 2011
EUROPEAN COMMISSION Employment, Social Affairs and Inclusion DG Analysis, Evaluation, External Relations Employment Analysis Posting of workers in the European Union and EFTA countries : Report on A1 portable
More informationTable 34 Production of heat by type Terajoules
Table 34 Production of heat by type Table Notes geo represents heat used directly for district heating, agriculture etc. without a commercial transaction taking place. represents heat used for the production
More informationGrasshoppers, Ants and Locusts: the future of the world economy
Ralph Miliband Series on the Restructuring of World Power Grasshoppers, Ants and Locusts: the future of the world economy Martin Wolf Associate editor and chief economics commentator, Financial Times Professor
More informationWednesday 13 June 2012 Afternoon
Wednesday 13 June 2012 Afternoon A2 GCE GEOGRAPHY F763/I/2 Global Issues INSERT 2 RESOURCE BOOKLET *F721790612* Duration: 2 hours 30 minutes INFORMATION FOR CANDIDATES This document consists of 10 pages.
More informationMacroeconomic Imbalances in
Macroeconomic Imbalances in the Euro Area Jürgen von Hagen Rome, 21 May 2011 Europe: Growing imbalances within, balanced without 8 6 4 2 0-2 -4-6 10 Figure 1A: Current Account Balances IE EL FR FI IT SE
More informationGDP GDP , 2004, (%) 2002, ) EU15=100, 2002 EU25
Europe - Profile Total Population Unemployment GDP GDP per capita 2004, (Mil.) Rate 2004, (%) 2002, (Bil. ) EU15=100, 2002 EU25 454.9 9.0 9,613 91 EU15 380.8 8.0 9,169 100 10 ACC. 74.1 14.3 444 47 U.S.
More informationStandard Eurobarometer 84 Autumn Report. Media use in the European Union
Fieldwork November 2015 Survey requested and co-ordinated by the European Commission, Directorate-General for Communication This document does not represent the point of view of the European Commission.
More information24 November 2017, Nyon, Switzerland. 2017/18 UEFA European Women s Under-17 and Women s Under-19 Championships. Elite round draws
November 07, Nyon, Switzerland 07/8 UEFA European Women s Under-7 and Women s Under-9 Championships Elite round draws DRAW PROCEDURE Elite rounds th UEFA European Women s Under-7 and 7th UEFA Women s Under-9
More informationWhat is the outlook for the prime residential markets?
What is the outlook for the prime residential markets? Katy Warrick Market Update Mat Oakley Commercial View Lucian Cook Residential Forecasts Emily Donovan London Development Living in uncertain times
More informationDefence Expenditure of NATO Countries ( )
14 March/mars 2019 COMMUNIQUE PR-CP(2019)034 Defence Expenditure of NATO Countries (2011-2018) NATO collects defence expenditure data from Allies on a regular basis and presents aggregates and subsets
More informationInnoAquaTech. An Opportunity for Aquaculture in South Baltic
InnoAquaTech An Opportunity for Aquaculture in South Baltic Valentin Eckart, BioCon Valley GmbH Workshop Innovative aquaculture solutions Gdynia, Poland 29.03.2017 www.innoaquatech.eu #InnoAquaTech 1950
More informationFacing the Crisis in Southern Europe: Demographic, Political and Social Service Dilemmas
Facing the Crisis in Southern Europe: Demographic, Political and Social Service Dilemmas Manuel Aguilar Hendrickson Universitat de Barcelona manuel.aguilar.hendrickson@ub.edu The Roatch Lecture The Roatch-Haskell
More informationINVITATION for EUBC European Union Boxing Championships Sofia 2014
INVITATION for EUBC European Union Boxing Championships Sofia 2014 TO: All EUBC European National Federations European Union Members, Candidates and Potential Candidates: Austria, Belgium, Bulgaria, Croatia,
More informationTime series of Staff PPPs
Luxembourg, 28 August 2013 Unit C3 A64/13/12 Meeting of the Working Group on Article 64 of the Staff Regulations Luxembourg, 27 th September 2013 Bech Building Room "Ampère" 9.30 a.m. Time series of Staff
More informationConsumers perception of aquaculture products OECD Paris 16 April 2010
Consumers perception of aquaculture products OECD Paris 16 April 2010 Aquaculture products: consumers perception SEAFOODplus EU-FP6 integrated project 2004-2008 CONSENSUS EU-FP6 coordination action 2006-2008
More informationI. World trade in Overview
I. Table I.1 Growth in the volume of world merchandise exports and production by major product group, 1995-3 ( change) 1995-21 22 23 World merchandise exports 7. -.5 3. 4.5 Agricultural products 3.5 2.5
More informationCountry fact sheet South Korea
ESRA results Country fact sheet South Korea The ESRA project is a joint initiative of research institutes in 25 countries aiming at collecting comparable national data on road users opinions, attitudes
More informationOCEAN2012 Fish Dependence Day - UK
OCEAN2012 Fish Dependence Day - UK Europeans are now so dependent on fish products originating from external waters that half the fish they consume are sourced outside the EU Fish dependence: The EU s
More informationLatvia: Experience from the internal devaluation process and the road to EMU
Latvia: Experience from the internal devaluation process and the road to EMU Bayreuth, 11 January 2012 Morten Hansen Head of Economics Department Stockholm School of Economics in Riga morten.hansen@sseriga.edu
More informationWDF Europe Cup Men: Pairs
WDF Europe Cup - Men: Pairs // :: Last - Best of legs : : : Smith/Maya-Spain-B Bless/Bellmont-Switzerland-A Lukasiak/Torbj rnsson-sweden-b Sivertsen/Knudsen-Norway-A Sakys/Jankunas-Lithuania-B Niskala/Finnali!-Finland-B
More information2 nd Road Safety PIN Conference 23 June 2008 Countdown to only two more years to act!
2 nd Road Safety PIN Conference 23 June 2008 Countdown to 2010 - only two more years to act! EU ambition EU target to cut by 50% yearly road deaths between 2001 and 2010 Countries have similar national
More informationPortuguese, English, and. Bulgarian, English, French, or
Country Language Fiber Content Algeria Arabic Angola Portuguese, English, and French (optional) Optional Argentina Spanish Armenia Armenian Optional Australia English Austria German Bahrain Arabic or English
More informationSTORM FORECASTS: The only independent source of animal health and animal agriculture historical market data and forecasts
The only independent source of animal health and animal agriculture historical market data and forecasts June 2016 1 What is STORM FORECASTS? STORM FORECASTS is the only independent source of animal health
More informationPoland: Europe s economic outperformer. Piotr Bujak Chief Economist at Nordea Bank Polska PKO Bank Polski Group. Copenhagen, 29 April 2014
Poland: Europe s economic outperformer Piotr Bujak Chief Economist at Nordea Bank Polska PKO Bank Polski Group Copenhagen, 29 April 2014 Poland crisis-proof economic front-runner 300 250 200 % Cumulated
More informationGlobal Construction Outlook: Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009
Global Construction Outlook: Short-term term Pain, Long-term Gain Laura Hanlon Product Manager, Global Construction Outlook May 21, 2009 What This Means for You The world is set to be hit this year with
More informationUpdate of trade weights data underlying the EERs and HCIs
August 2017 Update of trade weights data underlying the EERs and HCIs The trade weights underlying the calculation of the effective exchange rates (EERs) of the euro and the harmonised competitiveness
More informationIntroductions, Middle East, Israel, Jordan, Yemen, Oman Week 1: Aug Sept. 1
Introductions, Middle East, Israel, Jordan, Yemen, Oman Week 1: Aug. 28 - Sept. 1 ASSIGNMENT Monday Tuesday Wednesday Thursday Friday Due Wednesday pgs. 6-11 Do not start the workbook or study sheet assignments
More informationHUNTING WITH HOUNDS THE CASE FOR EUROPEAN UNION LEGISLATION
HUNTING WITH HOUNDS THE CASE FOR EUROPEAN UNION LEGISLATION Laws about Hunting with Hounds vary in different EU member states Austria: Hunting with hounds is illegal Belgium: Hunting with hounds and beagles
More informationList of nationally authorised medicinal products
14 January 2016 EMA/230198/2016 Procedure Management and Committees Support Active substance: terlipressin Procedure no.: PSUSA/00002905/201504 30 Churchill Place Canary Wharf London E14 5EU United Kingdom
More informationThe World Did Not End in Q1
The World Did Not End in Q1 Sam Wilkin Senior Advisor, Business Research Blog: www.samwilkin.com 06.2015 1 2 3 4 5 Exports to Russia: 10% of Finnish exports; 4% of Finnish GDP 1. Global Economic Weather
More informationSeven Lean Years Explaining Persistent Global Economic Weakness
Seven Lean Years Explaining Persistent Global Economic Weakness 9 June 2015 Bank of Canada and European Central Bank Conference Tim Lane Deputy Governor Bank of Canada The global economy remains weak and
More information13 December 2016, Nyon, Switzerland. 2016/17 UEFA European Under-17 and Under-19 Championships. Elite round draws
December 06, Nyon, Switzerland 06/7 UEFA European Under-7 and Under-9 Championships Elite round draws DRAW PROCEDURE Elite rounds 6th UEFA European Under-7 and Under-9 Championships, 06/7 TEAMS WHO HAVE
More informationERSTE GROUP BANK AG. Growth outlook for the region
A Macro-Economic View of the Banking Sector and the Leasing Market in Central and Eastern Europe Leaseurope: 2011 Seminar for Lessors in Central, Eastern and South-Eastern Europe Erste Group Ljubljana,
More information