The document discusses recent developments in global financial markets. It finds that while supportive monetary and fiscal policies are strengthening recovery prospects, growing vulnerabilities could impact growth. Accommodative policies have led to rising asset prices, debt, and leverage, increasing financial stability risks. Vulnerabilities in corporate debt markets and real estate sectors exposed to weak firms pose challenges. Rising emerging market debt also increases refinancing risks. The growth of alternative finance like crypto assets raises concerns of market corrections that could have broader implications.
The document discusses the impact of COVID-19 on global financial markets and key risk transmission channels. It finds that equity markets plunged and volatility spiked due to growth concerns, though unprecedented policy support has helped stabilize markets. Corporate bond spreads widened and oil prices declined sharply. Policy responses have contributed to easier financial conditions, though transmission is uneven. Deteriorating corporate credit quality and high leverage, especially among riskier firms, increase downside risks as earnings decline. Stress testing shows more firms could face debt distress under a downside scenario. Rising risks are also seen in leveraged loans and CLO markets.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks
The Irish housing cycle: from boom to bust and beyondFinanssivalvonta
Niamh Hallissey's (Macroprudential Policy Manager, Central Bank of Ireland) presentation on FIN-FSA Conference on EU Regulation and Supervision – focusing on household indebtedness and macroprudential stability
Για τρίτη συνεχή χρονιά, ο Κύκλος ιδεών για την Εθνική Ανασυγκρότηση,
σε συνεργασία με τη Συμεών Γ. Τσομώκος Α.Ε., πραγματοποιούν το ετήσιο διήμερο συνέδριο H ΕΛΛΑΔΑ ΜΕΤΑ
στις 19 και 20 Ιουνίου 2019
στο ξενοδοχείο Divani Caravel.
Κεντρικό θέμα στο φετινό συνέδριο είναι: Η ανασύσταση της μεσαίας τάξης
Κύκλος ΙΙ: Οι επιπτώσεις της περιόδου 2009- 2019 στη μεσαία τάξη
https://ekyklos.gr/19-20-iouniou-ellada-meta-iii-i-anasystasi-tis-mesaias-taksis.html
After a return to more expansionary monetary policies in early 2019, the world’s non-financial corporations borrowed an additional USD 2.1 trillion in the form of corporate bonds. In real terms, this is equivalent to the amount borrowed in the previous record year 2016 and represents a clear reversal of the decrease in corporate bond issuance during 2018. Adding the record borrowing during 2019 to the unprecedented build-up of corporate bond debt since 2008 means that the global outstanding stock of non-financial corporate bonds at the end of 2019 reached an all-time high of USD 13.5 trillion.
The new data in this OECD report, Corporate Bond Market Trends, Emerging Risks and Monetary Policy, shows that, in addition to its growing size, the quality and dynamics of the outstanding stock of corporate bonds have also changed. Compared with previous credit cycles, today’s stock of outstanding corporate bonds has lower overall credit quality, higher payback requirements, longer maturities and inferior covenant protection. These are features that may amplify the negative effects that an economic downturn would have on the non-financial corporate sector and the overall economy.
Find the full report at http://www.oecd.org/corporate/Corporate-Bond-Market-Trends-Emerging-Risks-and-Monetary-Policy.htm
The document discusses recent developments in global financial markets. It finds that while supportive monetary and fiscal policies are strengthening recovery prospects, growing vulnerabilities could impact growth. Accommodative policies have led to rising asset prices, debt, and leverage, increasing financial stability risks. Vulnerabilities in corporate debt markets and real estate sectors exposed to weak firms pose challenges. Rising emerging market debt also increases refinancing risks. The growth of alternative finance like crypto assets raises concerns of market corrections that could have broader implications.
The document discusses the impact of COVID-19 on global financial markets and key risk transmission channels. It finds that equity markets plunged and volatility spiked due to growth concerns, though unprecedented policy support has helped stabilize markets. Corporate bond spreads widened and oil prices declined sharply. Policy responses have contributed to easier financial conditions, though transmission is uneven. Deteriorating corporate credit quality and high leverage, especially among riskier firms, increase downside risks as earnings decline. Stress testing shows more firms could face debt distress under a downside scenario. Rising risks are also seen in leveraged loans and CLO markets.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks. Find out more at www.oecd.org/finance
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
This presentation provides an updated overview of the state of global financial markets with a focus on the developments following the COVID-19 crisis and an assessment of market dynamics and downside risks
The Irish housing cycle: from boom to bust and beyondFinanssivalvonta
Niamh Hallissey's (Macroprudential Policy Manager, Central Bank of Ireland) presentation on FIN-FSA Conference on EU Regulation and Supervision – focusing on household indebtedness and macroprudential stability
Για τρίτη συνεχή χρονιά, ο Κύκλος ιδεών για την Εθνική Ανασυγκρότηση,
σε συνεργασία με τη Συμεών Γ. Τσομώκος Α.Ε., πραγματοποιούν το ετήσιο διήμερο συνέδριο H ΕΛΛΑΔΑ ΜΕΤΑ
στις 19 και 20 Ιουνίου 2019
στο ξενοδοχείο Divani Caravel.
Κεντρικό θέμα στο φετινό συνέδριο είναι: Η ανασύσταση της μεσαίας τάξης
Κύκλος ΙΙ: Οι επιπτώσεις της περιόδου 2009- 2019 στη μεσαία τάξη
https://ekyklos.gr/19-20-iouniou-ellada-meta-iii-i-anasystasi-tis-mesaias-taksis.html
After a return to more expansionary monetary policies in early 2019, the world’s non-financial corporations borrowed an additional USD 2.1 trillion in the form of corporate bonds. In real terms, this is equivalent to the amount borrowed in the previous record year 2016 and represents a clear reversal of the decrease in corporate bond issuance during 2018. Adding the record borrowing during 2019 to the unprecedented build-up of corporate bond debt since 2008 means that the global outstanding stock of non-financial corporate bonds at the end of 2019 reached an all-time high of USD 13.5 trillion.
The new data in this OECD report, Corporate Bond Market Trends, Emerging Risks and Monetary Policy, shows that, in addition to its growing size, the quality and dynamics of the outstanding stock of corporate bonds have also changed. Compared with previous credit cycles, today’s stock of outstanding corporate bonds has lower overall credit quality, higher payback requirements, longer maturities and inferior covenant protection. These are features that may amplify the negative effects that an economic downturn would have on the non-financial corporate sector and the overall economy.
Find the full report at http://www.oecd.org/corporate/Corporate-Bond-Market-Trends-Emerging-Risks-and-Monetary-Policy.htm
In January–June, the return on Elo’s investments was −4.1 per cent (7.2 per cent). The market value of the investments was EUR 24.0 billion. In the second quarter, return on investments was positive at 5.9 per cent (1.9 per cent). The solvency ratio was 119.4 per cent and solvency capital was 1.4 times the solvency limit.
This presentation shows the key findings from the 2020 OECD Business and Finance Outlook which focuses on sustainable and resilient finance, in particular the environmental, social and governance (ESG) factors that are rapidly becoming a part of mainstream finance. It evaluates current ESG practices, and identifies priorities and actions to better align investments with sustainable, long-term value – especially the need for more consistent, comparable and available data on ESG performance. The COVID-19 pandemic has further highlighted the urgent need to consider resilience in finance, both in the financial system itself and in the role played by capital and investors in making economic and social systems more dynamic and able to withstand external shocks. Find out more at https://oe.cd/bizfin
This document summarizes the key findings of an OECD Investment Policy Review of Georgia. It discusses Georgia's efforts to improve its domestic regulatory framework to attract foreign direct investment. While Georgia has made significant reforms, it needs to deepen reforms to facilitate broad-based economic growth. The document also examines trends in FDI in Georgia, noting that inflows have plateaued after initial growth. It provides recommendations to promote sustainable investment in priority sectors like agriculture. Responsible business conduct is also discussed as important to Georgia's business environment.
This Review offers policy recommendations to improve the legal, regulatory and institutional framework for capital markets in Croatia in a way that will foster a resilient and dynamic business environment, help realise the potential of Croatian corporations and give households better opportunities to diversify their long-term savings.
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
Banking sector resilience – the post-pandemic outlookFinanssivalvonta
Andrea Enria's (Chair of the Supervisory Board, European Central Bank) presentation at FIN-FSA Conference on EU financial markets today and in the future
Highlights of recent trends in financial marketsRajendar Madasi
Financial markets have broadly strengthened after weakening in late 2005. Stock markets grew strongly in Japan and Europe, backed by both foreign and domestic demand. The financial sector outperformed in Europe, with banks and insurers rebounding from hurricane losses. Corporate bond spreads remained stable in the US and Europe.
This document summarizes statistics on global merger control and competition enforcement from 2015-2019. It finds that most jurisdictions have mandatory pre-merger notification regimes. Over this period, there were over 30,000 merger notifications but fewer than 2,000 prohibition decisions. Merger control budgets increased for most jurisdictions but fines increased more sharply, in some cases exceeding agency budgets by hundreds of times. Common blocked sectors were retail, technology, and transportation. Most decisions were clearances while clearances with remedies and prohibitions each made up under 7% of total decisions.
The document summarizes key findings from the 2017 OECD Business and Finance Outlook report. It addresses 8 questions on issues related to globalization and the impact of technology and trade on middle-income jobs. The summary discusses how openness and a level global playing field are important for companies to innovate and gain productivity. However, some countries use subsidies, exchange rate management and pricing strategies to gain unfair export advantages over competitors. Overall, the document argues that non-transparent practices like these undermine open markets and fair global competition.
The document provides an overview of the state of the global and Indian economies in light of the ongoing financial crisis. Key points include:
1) The IMF has downgraded its global GDP growth forecasts for 2008 and 2009 as major economies face recession. Emerging markets will also slow substantially.
2) Housing prices and industrial production continue to decline in the US and unemployment is rising sharply. Financial markets remain volatile.
3) India's growth is moderating but inflation is slowing. However, high deficits, slowing consumption and investments, and capital outflows pose challenges.
4) Global equity markets have seen large losses in 2008 on risk aversion. Indian markets are also highly volatile though the Sensex has
The 2016 edition of the OECD Pensions Outlook analyses how the pensions landscape is changing in the face of challenges that include ageing populations, the fallout from the financial and economic crisis, and the current environment of low economic growth and low returns. This presentation by Pablo Antolin contains key findings from the publication.
Find the book and more information about OECD work on pensions at http://www.oecd.org/pensions/oecd-pensions-outlook-23137649.htm
Euro area-european-union-enhancing-european-cooperation-oecd-economic-survey-...OECD, Economics Department
The 2016 OECD Economic Survey of the European Union and Euro Area finds that while macroeconomic policies have become more supportive, demand remains weak and unemployment is very high. It recommends that countries with fiscal space boost growth through budget support, and that monetary policy stay accommodative. It also suggests speeding up the resolution of non-performing loans, promoting non-bank financing, increasing public investment, reducing regulatory burdens, and enhancing labor mobility through increased recognition of qualifications and portability of pensions. Structural reforms across these areas could significantly increase EU GDP.
Household indebtedness and macroprudential supervisionFinanssivalvonta
The director general of the FIN-FSA opened a conference on household indebtedness and macroprudential supervision. Her three main messages were: 1) Fundamental flaws have emerged in consumer protection. 2) Household indebtedness is at record levels and it is unclear if this trend can continue. 3) The current macroprudential toolkit is not fit for its purpose. She presented statistics showing over 380,000 people have bad credit records, household debt has more than doubled over 20 years, and construction is a cyclical sector. The director general concluded that consumer loan growth has unwanted side effects, household indebtedness has sharply risen, and the current macroprudential toolkit requires scrutiny and impact analysis to be
Macroprudential policy in Sweden: what has been done and is it enough?Finanssivalvonta
Erik Thedéen (Director General, Finansinspektionen, Sweden) presentation on FIN-FSA Conference on EU Regulation and Supervision – focusing on household indebtedness and macroprudential stability
Governor Olli Rehn: The Finnish economy in early summer 2020: The worst has n...Suomen Pankki
- The euro area economy will enter a deep recession in 2020 according to the ECB's forecasts. GDP is expected to contract sharply but recover gradually.
- Inflation has slowed and the outlook is subdued, weighed down by weak demand. Central banks have taken actions to ease monetary policy and support liquidity.
- Finland's economy has avoided the worst impacts so far, but uncertainty remains around a possible second wave of the virus and weak exports. Cost competitiveness may deteriorate if wages do not adjust in other countries.
- Fiscal support measures have helped avoid large numbers of bankruptcies and redundancies in Finland. However, government debt levels will rise across EU countries. Economic policy must now
Fintech Belgium_Webinar 9 : Post-Covid Financial / Covid-19: Home Working Cha...FinTech Belgium
This document provides an agenda for a webinar on post-Covid financial challenges and funding solutions for businesses working from home. The webinar includes presentations from experts in private funding, public funding, and the economic impacts of lockdowns. Jean Van der Spek from PwC will discuss the recession's impacts and alternatives. Nicolas-Alexandre Verdbois from Look&Fin will cover crowdlending as private funding. Mathilde Levy from finance&invest.brussels will discuss complementary public funding solutions. Time is allotted for Q&A. The webinar aims to help businesses address liquidity, solvency, and financing issues arising from the pandemic.
The document discusses the relationship between finance, growth, and inequality. It finds that while finance can boost growth by allocating capital efficiently, too much finance through excessive deregulation or too-big-to-fail guarantees can harm growth. Increases in bank lending were found to have a more negative link to growth than other types of debt. The expansion of finance has also been linked to rising income inequality as the financial sector disproportionately benefits higher income groups through wages and access to credit. The document advocates policies like restricting too-big-to-fail subsidies and implementing macroprudential regulation to achieve healthy financial systems that support inclusive growth.
La pandemia di coronavirus (COVID-19) pone sfide di stabilità sanitaria, economica e finanziaria senza precedenti. A seguito dell'epidemia di COVID-19, i prezzi delle attività a rischio sono crollati e la volatilità del mercato è aumentata vertiginosamente, mentre le aspettative di inadempienze diffuse hanno portato a un aumento dei costi di indebitamento. Le decisive azioni di politica monetaria, finanziaria e fiscale volte a contenere le ricadute della pandemia e sono riuscite a stabilizzare gli investitori tra la fine di marzo e l'inizio di aprile. I mercati hanno recuperato alcune delle loro perdite.
Commencis Covid-19 Playbook for Financial Services Aslı Yerci Eren
Download link for full report: https://lnkd.in/gp6xqYg
The novel coronavirus, COVID-19 has turned into a global crisis, evolving at an unprecedented speed and scale. As governments take immediate actions to cope with the outbreak, businesses are rapidly adapting to the changing needs of people, consumers and suppliers while also trying to overcome the financial and operational challenges.
As the pandemic continues, more and more industries are feeling the strain. The financial industry is certainly one of them. Whilst, the current situation is challenging for the industry, we believe that if well-handled it can also bring opportunities for innovation and long-term customer loyalty. The crisis has already revealed us that, now, more than ever, the industry must invest in digital and key critical capabilities to thrive in a post-COVID-19 world.
COVID-19 Playbook for Financial Services includes the implications of COVID-19 on financial industry, and recommendations on how banks can enhance their capabilities to survive during these rough times.
Main topics covered in this playbook are as below:
1 The impact of COVID-19 - Global Overview
2 How Banks Should Face the Crisis: COVID-19 Playbook
3 How to Invest in Digital Capabilities: Digital Roadmap
Aegon CFO, Darryl Button provides an update on Aegon's successful strategy execution. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
In January–June, the return on Elo’s investments was −4.1 per cent (7.2 per cent). The market value of the investments was EUR 24.0 billion. In the second quarter, return on investments was positive at 5.9 per cent (1.9 per cent). The solvency ratio was 119.4 per cent and solvency capital was 1.4 times the solvency limit.
This presentation shows the key findings from the 2020 OECD Business and Finance Outlook which focuses on sustainable and resilient finance, in particular the environmental, social and governance (ESG) factors that are rapidly becoming a part of mainstream finance. It evaluates current ESG practices, and identifies priorities and actions to better align investments with sustainable, long-term value – especially the need for more consistent, comparable and available data on ESG performance. The COVID-19 pandemic has further highlighted the urgent need to consider resilience in finance, both in the financial system itself and in the role played by capital and investors in making economic and social systems more dynamic and able to withstand external shocks. Find out more at https://oe.cd/bizfin
This document summarizes the key findings of an OECD Investment Policy Review of Georgia. It discusses Georgia's efforts to improve its domestic regulatory framework to attract foreign direct investment. While Georgia has made significant reforms, it needs to deepen reforms to facilitate broad-based economic growth. The document also examines trends in FDI in Georgia, noting that inflows have plateaued after initial growth. It provides recommendations to promote sustainable investment in priority sectors like agriculture. Responsible business conduct is also discussed as important to Georgia's business environment.
This Review offers policy recommendations to improve the legal, regulatory and institutional framework for capital markets in Croatia in a way that will foster a resilient and dynamic business environment, help realise the potential of Croatian corporations and give households better opportunities to diversify their long-term savings.
[FiinPro Data] Kết quả Kinh doanh Q2 - 2019 FiinGroup JSC
Theo thống kê từ hệ thống FiinPro, tính đến ngày 05/08/2019, đã có tổng cộng 894 doanh nghiệp công bố BCTC (chiếm 89.8% vốn hóa trên 3 sàn). Chúng tôi tiếp tục tổng hợp và cập nhật nhanh kết quả như sau:
Tổng quan: Tăng trưởng doanh thu ở mức 6.7% và lợi nhuận cổ đông công ty mẹ ở mức 10.4% so với cùng kỳ. Tuy nhiên, tính riêng khu vực doanh nghiệp (không tính ngân hàng và bảo hiểm) thì chỉ ở mức tương ứng 4.7% và 4.9%.
Theo ngành: Các ngành có tăng trưởng Lợi nhuận Cổ đông lớn nhất so với cùng kỳ là: Bất động sản (67.1%), Viễn thông (42.1%), Bán lẻ (39.5%), Ngân hàng (25.9%).
Nếu quý khách có nhu cầu download thông tin chi tiết, vui lòng liên hệ với chúng tôi theo thông tin bên dưới để được hỗ trợ thêm:
Hà Nội:
Đỗ Thị Lan
Email: lan.do@fiingroup.vn
Tel: 024 3562 6962 (số máy lẻ: 103)
TP. HCM:
Lý Thị Hiền
Email: hien.ly@fiingroup.vn
Tel: 028 3933 3585 (số máy lẻ: 203)
Banking sector resilience – the post-pandemic outlookFinanssivalvonta
Andrea Enria's (Chair of the Supervisory Board, European Central Bank) presentation at FIN-FSA Conference on EU financial markets today and in the future
Highlights of recent trends in financial marketsRajendar Madasi
Financial markets have broadly strengthened after weakening in late 2005. Stock markets grew strongly in Japan and Europe, backed by both foreign and domestic demand. The financial sector outperformed in Europe, with banks and insurers rebounding from hurricane losses. Corporate bond spreads remained stable in the US and Europe.
This document summarizes statistics on global merger control and competition enforcement from 2015-2019. It finds that most jurisdictions have mandatory pre-merger notification regimes. Over this period, there were over 30,000 merger notifications but fewer than 2,000 prohibition decisions. Merger control budgets increased for most jurisdictions but fines increased more sharply, in some cases exceeding agency budgets by hundreds of times. Common blocked sectors were retail, technology, and transportation. Most decisions were clearances while clearances with remedies and prohibitions each made up under 7% of total decisions.
The document summarizes key findings from the 2017 OECD Business and Finance Outlook report. It addresses 8 questions on issues related to globalization and the impact of technology and trade on middle-income jobs. The summary discusses how openness and a level global playing field are important for companies to innovate and gain productivity. However, some countries use subsidies, exchange rate management and pricing strategies to gain unfair export advantages over competitors. Overall, the document argues that non-transparent practices like these undermine open markets and fair global competition.
The document provides an overview of the state of the global and Indian economies in light of the ongoing financial crisis. Key points include:
1) The IMF has downgraded its global GDP growth forecasts for 2008 and 2009 as major economies face recession. Emerging markets will also slow substantially.
2) Housing prices and industrial production continue to decline in the US and unemployment is rising sharply. Financial markets remain volatile.
3) India's growth is moderating but inflation is slowing. However, high deficits, slowing consumption and investments, and capital outflows pose challenges.
4) Global equity markets have seen large losses in 2008 on risk aversion. Indian markets are also highly volatile though the Sensex has
The 2016 edition of the OECD Pensions Outlook analyses how the pensions landscape is changing in the face of challenges that include ageing populations, the fallout from the financial and economic crisis, and the current environment of low economic growth and low returns. This presentation by Pablo Antolin contains key findings from the publication.
Find the book and more information about OECD work on pensions at http://www.oecd.org/pensions/oecd-pensions-outlook-23137649.htm
Euro area-european-union-enhancing-european-cooperation-oecd-economic-survey-...OECD, Economics Department
The 2016 OECD Economic Survey of the European Union and Euro Area finds that while macroeconomic policies have become more supportive, demand remains weak and unemployment is very high. It recommends that countries with fiscal space boost growth through budget support, and that monetary policy stay accommodative. It also suggests speeding up the resolution of non-performing loans, promoting non-bank financing, increasing public investment, reducing regulatory burdens, and enhancing labor mobility through increased recognition of qualifications and portability of pensions. Structural reforms across these areas could significantly increase EU GDP.
Household indebtedness and macroprudential supervisionFinanssivalvonta
The director general of the FIN-FSA opened a conference on household indebtedness and macroprudential supervision. Her three main messages were: 1) Fundamental flaws have emerged in consumer protection. 2) Household indebtedness is at record levels and it is unclear if this trend can continue. 3) The current macroprudential toolkit is not fit for its purpose. She presented statistics showing over 380,000 people have bad credit records, household debt has more than doubled over 20 years, and construction is a cyclical sector. The director general concluded that consumer loan growth has unwanted side effects, household indebtedness has sharply risen, and the current macroprudential toolkit requires scrutiny and impact analysis to be
Macroprudential policy in Sweden: what has been done and is it enough?Finanssivalvonta
Erik Thedéen (Director General, Finansinspektionen, Sweden) presentation on FIN-FSA Conference on EU Regulation and Supervision – focusing on household indebtedness and macroprudential stability
Governor Olli Rehn: The Finnish economy in early summer 2020: The worst has n...Suomen Pankki
- The euro area economy will enter a deep recession in 2020 according to the ECB's forecasts. GDP is expected to contract sharply but recover gradually.
- Inflation has slowed and the outlook is subdued, weighed down by weak demand. Central banks have taken actions to ease monetary policy and support liquidity.
- Finland's economy has avoided the worst impacts so far, but uncertainty remains around a possible second wave of the virus and weak exports. Cost competitiveness may deteriorate if wages do not adjust in other countries.
- Fiscal support measures have helped avoid large numbers of bankruptcies and redundancies in Finland. However, government debt levels will rise across EU countries. Economic policy must now
Fintech Belgium_Webinar 9 : Post-Covid Financial / Covid-19: Home Working Cha...FinTech Belgium
This document provides an agenda for a webinar on post-Covid financial challenges and funding solutions for businesses working from home. The webinar includes presentations from experts in private funding, public funding, and the economic impacts of lockdowns. Jean Van der Spek from PwC will discuss the recession's impacts and alternatives. Nicolas-Alexandre Verdbois from Look&Fin will cover crowdlending as private funding. Mathilde Levy from finance&invest.brussels will discuss complementary public funding solutions. Time is allotted for Q&A. The webinar aims to help businesses address liquidity, solvency, and financing issues arising from the pandemic.
The document discusses the relationship between finance, growth, and inequality. It finds that while finance can boost growth by allocating capital efficiently, too much finance through excessive deregulation or too-big-to-fail guarantees can harm growth. Increases in bank lending were found to have a more negative link to growth than other types of debt. The expansion of finance has also been linked to rising income inequality as the financial sector disproportionately benefits higher income groups through wages and access to credit. The document advocates policies like restricting too-big-to-fail subsidies and implementing macroprudential regulation to achieve healthy financial systems that support inclusive growth.
La pandemia di coronavirus (COVID-19) pone sfide di stabilità sanitaria, economica e finanziaria senza precedenti. A seguito dell'epidemia di COVID-19, i prezzi delle attività a rischio sono crollati e la volatilità del mercato è aumentata vertiginosamente, mentre le aspettative di inadempienze diffuse hanno portato a un aumento dei costi di indebitamento. Le decisive azioni di politica monetaria, finanziaria e fiscale volte a contenere le ricadute della pandemia e sono riuscite a stabilizzare gli investitori tra la fine di marzo e l'inizio di aprile. I mercati hanno recuperato alcune delle loro perdite.
Commencis Covid-19 Playbook for Financial Services Aslı Yerci Eren
Download link for full report: https://lnkd.in/gp6xqYg
The novel coronavirus, COVID-19 has turned into a global crisis, evolving at an unprecedented speed and scale. As governments take immediate actions to cope with the outbreak, businesses are rapidly adapting to the changing needs of people, consumers and suppliers while also trying to overcome the financial and operational challenges.
As the pandemic continues, more and more industries are feeling the strain. The financial industry is certainly one of them. Whilst, the current situation is challenging for the industry, we believe that if well-handled it can also bring opportunities for innovation and long-term customer loyalty. The crisis has already revealed us that, now, more than ever, the industry must invest in digital and key critical capabilities to thrive in a post-COVID-19 world.
COVID-19 Playbook for Financial Services includes the implications of COVID-19 on financial industry, and recommendations on how banks can enhance their capabilities to survive during these rough times.
Main topics covered in this playbook are as below:
1 The impact of COVID-19 - Global Overview
2 How Banks Should Face the Crisis: COVID-19 Playbook
3 How to Invest in Digital Capabilities: Digital Roadmap
Aegon CFO, Darryl Button provides an update on Aegon's successful strategy execution. For further information contact Aegon Investor Relations email: IR@aegon.com or Telephone + 31 70 344 83 05.
This document provides an economic outlook and analysis for Greece from Piraeus Bank's Research Division. It discusses the divide between economic data and sentiment in Greece. It also summarizes the key aspects of Greece's third economic adjustment program, including fiscal measures and reforms. The document concludes with an outlook for real GDP growth, unemployment, inflation, and other economic indicators for Greece through 2017.
This document summarizes the impact of the COVID-19 pandemic on small businesses and the economy. It notes that the pandemic has caused a severe global economic crisis, with declines in demand, supply disruptions, and job losses. Small businesses have been heavily impacted, especially those in sectors like hospitality and retail. The outlook predicts a deep recession in 2020 with high unemployment, and uncertainty around recovery depends on factors like a possible second outbreak. Government support programs have helped businesses so far but may not continue indefinitely. Innovation will be key to economic revival, though the pandemic has reduced business investment and R&D.
The document discusses the financial crisis of 2007-2008 and its aftermath, known as the Great Recession. It covers the prelude of the housing bubble in the U.S., how the crisis spread from the housing sector to the broader economy, the underlying causes such as inequality and deregulation of the banking sector. It also discusses the fiscal and monetary policy responses, reforms to regulate the financial sector, and ideas to prevent future crises.
This is a presentation on Worldwide Financial Crisis made by Vinod Thomas, Director-General & Senior Vice President at the Independent Evaluation Group, World Bank. In the presentation, Mr. Thomas describes the reasons for the recent financial crisis, highlights the extent of damages, and discusses policy responses to the crisis.
Presentation by Michael Haliassos, Goethe University Frankfurt, CFS, SAFE, and CEPR at the Conference "Have We Learnt Anything from the Crisis?" in Riga, Latvia. 17.10.2014
This document summarizes a breakfast teach-in on the Eurozone sovereign debt crisis and its potential impacts on UK pension funds. It provides background on the crisis and analyzes two sample pension fund allocations (A and B) under three potential Eurozone scenarios: a Greek default, breakup of the Eurozone periphery, and a full breakup of the Euro currency. Allocation B is found to better manage risks through a reduced equity allocation and increased allocation to less volatile assets.
Quarterly report for our investors - Second quarter 2020BESTINVER
- The international portfolio increased 17.48% in Q2 2020, outperforming the European market which rose 12.60%. Long-term returns have been strong, with gains of 5.78% and 102.27% over 5 and 10 years.
- The Iberian portfolio grew 8.90% in Q2 2020 while the market rose 8.60%. However, returns have lagged the market over the last 5 years, with losses of -9.24% versus the market. Long-term 10 year returns have been positive at 47.03%.
- Bestinver made portfolio changes across strategies to take advantage of opportunities from market volatility, increasing quality companies they believe will benefit from accelerating
Will risks-derail-the-modest-recovery-oecd-interim-economic-outlook-march-2017OECD, Economics Department
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies. The forecast is broadly unchanged since November 2016. Confidence has improved, but consumption, investment, trade and productivity are far from strong, with growth slow by past norms and higher inequality.
Red views inflation-linked-bonds-issuance-and-pensions-liabilities-january-2013Redington
This document discusses the growth of the UK inflation-linked bond market and pensions' inflation-linked liabilities. While the inflation-linked bond market has quadrupled since 2005, it remains much smaller than pension schemes' inflation-linked liabilities. This mismatch is pushing real yields lower and limiting pension schemes' ability to match inflation risk. The document examines alternative sources of inflation-linked assets that pension schemes should consider to better match liabilities, such as infrastructure investments.
Crisis Management in Service Organizations: Will the New Habits and Practices...Elissar Toufaily
In this research seminar, I discuss the Covid-19 Shock and its accelerations globally and in the UAE, before presenting the results of a qualitative research, through semi-structured interviews done with 47 managers and decision-makers in the service sector. In this research, I explore: 1/ the impact of Covid-19 on organizations and the service industry, 2/ the strategies and practices adopted for recovery; 3/ the challenges and facilitators of recovery, 4/the new normal for organizations and consumers, before finalizing with the lessons and opportunities that we can learn from the crisis.
1. The document discusses the COVID-19 pandemic and its effects on Turkey's economy. It provides facts about the global spread and economic impact of COVID-19, outlines three possible scenarios for the impact on Turkey's economy, and discusses ways businesses can build resilience.
2. Key industries in Turkey like automotive, retail and transportation have already been negatively impacted by COVID-19. The pandemic could result in a 3-5%, 6-8% or 14-16% negative impact on Turkey's GDP depending on the scenario.
3. Most of Turkey's trade partners are also affected by the coronavirus, which will disrupt supply chains. The document recommends five areas like employee management, supply chain planning and customer engagement
Similar to Accelerating Transformation: The Role of Investment in Germany and the EU to Support Recovery from the Pandemic Shock (20)
Wie wir Städte wahrnehmen und was dies bewirkt, am Beispiel VerkehrOECD Berlin Centre
Präsentation von Monika Zimmermann im Rahmen eines Webinars der Reihe Stadtgespräche des OECD Berlin Centre, der IHS Rotterdam und der Cities Alliance am 6. Mai 2021.
Impulsvortrag von Franziska Schreiber | Universität Stuttgart
zum fünften Webinar der "Stadtgespraeche"- Webinar-Reihe der IHS der Erasmus Universität Rotterdam, der Cities Alliance und dem OECD Berlin Centre
The document summarizes key findings from a survey on the impact of the COVID-19 pandemic on education systems. Some of the main points are:
- Schools were fully closed for an average of around 35 days in 2020, with some regions closing primary and secondary schools for over 30 and 40 days respectively. Longer closures were linked to lower student performance.
- Countries implemented various distance learning solutions like online platforms, television, and take-home packages to continue education during closures. However, many struggled to reach disadvantaged students.
- Reopening schools presented challenges around health risks, with countries adopting measures like distancing and prioritizing teacher vaccinations. Exams were also adjusted with some
Impulspräsentation von Alexander R. Jachnow am 1. April 2021 für den vierten Teil der "Stadtgespräche"-Reihe. Ein Projekt der Cities Aliance, IHS und des OECD Berlin Centre
Report Presentation of Africa´s development dynamis (2021) at the OECD Berlin Centre Webinar on 25/03/2021
by
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The document discusses the impact of the Covid-19 pandemic on the automotive sector in Central and Eastern European (CEE) economies. It notes that while the automotive industry plays an important role in CEE economies, the pandemic hit the sector hard with declines in car production and sales. However, the recovery was initially fast. Going forward, car demand is expected to remain low due to anticipated slow economic growth in major trading partners in Europe. This poses risks to automotive supply chains in CEE and to attracting further investment if profitability declines. Policy priorities to support the sector include improving skills, access to infrastructure, and helping domestic firms connect with multinational enterprises.
The Power of Community Newsletters: A Case Study from Wolverton and Greenleys...Scribe
YOU WILL DISCOVER:
The engaging history and evolution of Wolverton and Greenleys Town Council's newsletter
Strategies for producing a successful community newsletter and generating income through advertising
The decision-making process behind moving newsletter design from in-house to outsourcing and its impacts
Dive into the success story of Wolverton and Greenleys Town Council's newsletter in this insightful webinar. Hear from Mandy Shipp and Jemma English about the newsletter's journey from its inception to becoming a vital part of their community's communication, including its history, production process, and revenue generation through advertising. Discover the reasons behind outsourcing its design and the benefits this brought. Ideal for anyone involved in community engagement or interested in starting their own newsletter.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Causes Supporting Charity for Elderly PeopleSERUDS INDIA
Around 52% of the elder populations in India are living in poverty and poor health problems. In this technological world, they became very backward without having any knowledge about technology. So they’re dependent on working hard for their daily earnings, they’re physically very weak. Thus charity organizations are made to help and raise them and also to give them hope to live.
Donate Us:
https://serudsindia.org/supporting-charity-for-elderly-people-india/
#oldagehome, #donateforeldersinkurnool, #donateforelders, #donationforelders, #donateforoldpeople, #donationforoldpeople, #sponsorforelders, #sponsorforoldpeople, #donationforcharity, #charity, #seruds, #kurnool, #donateforoldagehome, #oldagehomedonation
FT author
Amanda Chu
US Energy Reporter
PREMIUM
June 20 2024
Good morning and welcome back to Energy Source, coming to you from New York, where the city swelters in its first heatwave of the season.
Nearly 80 million people were under alerts in the US north-east and midwest yesterday as temperatures in some municipalities reached record highs in a test to the country’s rickety power grid.
In other news, the Financial Times has a new Big Read this morning on Russia’s grip on nuclear power. Despite sanctions on its economy, the Kremlin continues to be an unrivalled exporter of nuclear power plants, building more than half of all reactors under construction globally. Read how Moscow is using these projects to wield global influence.
Today’s Energy Source dives into the latest Statistical Review of World Energy, the industry’s annual stocktake of global energy consumption. The report was published for more than 70 years by BP before it was passed over to the Energy Institute last year. The oil major remains a contributor.
Data Drill looks at a new analysis from the World Bank showing gas flaring is at a four-year high.
Thanks for reading,
Amanda
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New report offers sobering view of the energy transition
Every year the Statistical Review of World Energy offers a behemoth of data on the state of the global energy market. This year’s findings highlight the world’s insatiable demand for energy and the need to speed up the pace of decarbonisation.
Here are our four main takeaways from this year’s report:
Fossil fuel consumption — and emissions — are at record highs
Countries burnt record amounts of oil and coal last year, sending global fossil fuel consumption and emissions to all-time highs, the Energy Institute reported. Oil demand grew 2.6 per cent, surpassing 100mn barrels per day for the first time.
Meanwhile, the share of fossil fuels in the energy mix declined slightly by half a percentage point, but still made up more than 81 per cent of consumption.
Presentation by Julie Topoleski, CBO’s Director of Labor, Income Security, and Long-Term Analysis, at the 16th Annual Meeting of the OECD Working Party of Parliamentary Budget Officials and Independent Fiscal Institutions.
Accelerating Transformation: The Role of Investment in Germany and the EU to Support Recovery from the Pandemic Shock
1. ACCELERATING TRANSFORMATION: THE
ROLE OF INVESTMENT IN GERMANY
AND THE EU TO SUPPORT RECOVERY
FROM THE PANDEMIC SHOCK
17/06/20201
Debora Revoltella
Chief Economist
European Investment Bank
Berlin
June 18, 2020
3. Covid-19 & lock-down affects corporates across EU
17/06/20203
• A massive economic shock:
• Lockdown as a massive shock across geographies and sectors
• Demand and supply shock, trade collapse and questioning on GVC model
• Rebooting in the face of sectoral, country, regional and
firms heterogeneity
• Huge uncertainty remains:
• Medical (immunization, timing for a vaccine, second round of contagion,
etc.)
• Shape of the recovery (effectiveness of policy answers and consequent
likelihood/severity of second round effects of the crisis)
• Long term structural changes (change in individual preferences, labor
market, value chains security, role of the state)
4. Covid-19 & lockdown: sudden stop of EU economies
17/06/20204
• Q1 GDP -3.2% in the EU. Germany -
2.2%.
• From a few sectors, to widespread
impact on the economy.
• Forecasts point to deep and
uneven recession and uncertain
recovery across EU (change in GDP
-5/-10% in 2020; + 6 in 2021).
GDP growth, EU and Germany
In percent
Germany gross value added,
Germany selected sectors
Change yoy in per cent
Economic Sentiment Expectations, EU and Germany
-8
-6
-4
-2
0
2
4
6
8
q1 2019 q2 2019 q3 2019 q4 2019 q1 2020
Industry (excl. construction)
Construction
Trade, transportation and food services
Business services
Other services
-8
-6
-4
-2
0
2
4
6
8
EU qoq DE qoq
EU yoy DE yoy
-40
-30
-20
-10
0
EU economic sentiment DE economic sentiment
Apr vs. Feb. May vs. Feb
Source: Eurostat, Destatis.
5. Covid-19 & lockdown: stabilisation signs?
17/06/20205
Contagion EU vs US & China
Note: Darker red color indicates more strict containment measures. 0=no measures; 100= extreme measures.
Scores are based on the severity of restrictions affecting 1. schools/childcare, 2. restaurants and bars, 3. Non-
essential shops and services, 4. public gatherings, 5. Internal mobility, 6. external borders, 7. other areas. Note:
Some countries with regional variation on strictness of measures and pace of exit (e.g. FR, DE).
Source: ihs_Markit, ECON.
Moving out of lock-downs
(Expected) severity of containment measures
March April May June July August
IT 100 100 74 58 33 33
HU 50 95 64 36 19 14
ES 49 95 76 60 38 38
BG 49 93 66 29 19 14
HR 86 91 62 41 35 19
RO 48 90 77 38 33 33
SI 74 84 57 22 19 19
AT 48 83 55 31 24 19
FR 43 81 69 36 29 29
BE 35 81 69 53 36 33
IE 36 81 71 57 43 31
DK 43 76 57 41 38 33
NL 38 76 72 53 38 33
PL 42 76 36 17 14 14
DE 41 74 53 31 24 24
LU 41 72 55 29 24 19
PT 37 71 62 38 31 22
CZ 37 68 38 17 10 10
SK 37 68 34 17 10 10
CY 36 68 43 38 26 19
FI 35 67 65 48 48 35
GR 35 67 52 34 27 19
LT 36 67 46 24 22 19
MT 34 67 64 57 52 33
EE 31 57 46 24 22 19
LV 24 43 43 27 22 19
SE 24 43 48 48 41 36
6. V vs U vs L: the importance of the policy response
17/06/20206
• V shaped recovery: Canada post
financial crisis: shock and
rebound
• U shaped recovery: Spain after
the financial and sovereign
crisis, with some prolonged set-
back, due to crisis
consequences, but ultimately
recovery
• L shaped recovery: Greece
following the crisis, with long
term structural adjustment
7. Uncertainty and firm behaviour
‣ Uncertainty at unprecedented high with
Covid
‣ Increased uncertainty depresses
investment, as firms postpone (wait-
and-see) and re-scale plans.
‣ Stronger effect, the more irreversible
the investment is.
‣ Stronger effect during recessions: lower
cash flows strengthen the negative
impact of uncertainty.
‣ Increased input flexibility (labour and
capital) attenuates the wait-and-see
attitude of firms.
‣ Very large firms and intangible-intensive
firms react less negatively to
uncertainty.
17/06/20207
-8
-6
-4
-2
0
2
4
6
8
0
50
100
150
200
250
300
350
400
450
500
q1
2010
q1
2011
q1
2012
q1
2013
q1
2014
q1
2015
q1
2016
q1
2017
q1
2018
q1
2019
q1
2020
Economic policy uncertainty
Investment in equipment (% change yoy)
Covid
Brexit
Policy uncertainty and Investment in Germany
Left: Economic policy uncertainty index, quarterly averages.
Right: Investment in machinery & equipment, quarterly change in per cent.
Source: Policyuncertainty, Destatis.
8. Corporates – Impact from the crisis
17/06/20208
‣ For those surviving, how to make up
for the losses?
‣ Reduce investment
‣ Increase debt
‣ Need to keep high focus on
innovation and diffusion of
innovation
‣ Rebalance funding mix towards
equity
Covid impact on corporate
‣ Drop in revenues and fix costs
‣ Cash buffers depleting fast,
particularly for SMEs
‣ Policy response allowing some
deferrals and temporarily grace
periods
‣ Guarantee schemes supporting
access to finance for firms, but
debt increases ‣ Some will not make it
‣ Loss of intangible capital vs viability of the
business model in the new environment
‣ M&A vs Re-allocation of resources
Grace periods
Liquidity and credit
(and guarantees)
Sustainable
finance and equity
10. Corporates – resilience highly dependent on size
17/06/202010
• Net revenues loss is 5-10% assets
• Weighted by size: 4-8% assets = 13-24% GDP
11. Corporates – a trade off between leverage and
investment?
17/06/202011
• A trade-off between leverage and investment
• In the less adverse scenario, investment to shrink by 31%-51%, more than double than in
the financial crisis
12. So far policy makes sure that the credit channel continues
to work
17/06/202012
Approved measures:
• Flexible use of existing capital buffers
• Limiting pro-cyclical assumptions in
loan loss provisioning
• Dividend and shares buy-back
freezes
• LTRO and TLTRO supporting funding
• Credit guarantees by various EU
member states
• Collateral requirements ECB
Source: IMF and ECON calculations
0.0
5.0
10.0
15.0
20.0
25.0
2019 2008
European banks core tier 1 ratio
% risk weighted assets
Possible risks:
• Sovereign - Banks nexus
• Credit risk and level playing field
13. Corporates lending increasing, emergency liquidity needs
prevailing in the short term
Changes in demand for loans to
enterprises and contributing factors
Source: ECB, BLS.
Source: ECB euro area bank lending survey (April 2020)
Lending to enterprises in Eurozone
Transactions to NFC, by maturity, EUR bn
-20
0
20
40
60
80
100
120
140
Total NFC <1Y 1-5Y >5Y
Jan-20 Feb-20 Mar-20 Apr-20
14. Innovative firms highly challenged
14
Source: (1-2-3) Crunchbase and EIBIS 2019: EIB staff calculations
0
5
10
15
20
25
30
EU US
0
50
100
150
200
250
300
I II III IV V
Stages
EU US
Start-ups and scale-ups
Number of start-ups and scale-ups per 100,000
inhabitants
Size of start-ups and
scale-ups
Average number of employees
Size of funds
Median fund size in mn USD)
0
5
10
15
20
25
30
Early stage Launch/Early
revenue
Scale-up
EU27 US
15. Covid and lockdown measures strongly affect
German start-ups & entrepreneurs
17/06/202015
0 20 40 60 80 100
No revenues drop more than 75% 75-50% 49-25% less than 25%
0
10
20
30
40
50
60
up to 1
months
1-2 months 2-3 months 3-4 months 4-5 months 5-6 months more than
6 months
Entrepreneurs NOT seeking / planning to seek support programmes
Entrepreneurs seeking / planning to seek support programmes
Distribution of Corona induced revenue losses
Share of respondents, in per cent
Less liquid firms more likely to seek support
programmes
Share of respondents, in per cent
Development of VC business climate
• Most entrepreneurs planning
to start a business still willing
to go ahead (just 2%
planning to quit)
• Avoiding funding gaps and
‘lost start-up generation’?
Source: KfW Flash Survey (21 April 2020), KfW & BVK (May).
18. European policy response: complementarities
17/06/202018
EU Measures
• SURE: EUR 100bn – social insurance
• ESM: EUR 240bn – covid and health
• EIB: EUR 200bn – corporates
• EU next generation: EUR 750 bn +
MFF EUR 1.1 tn
EU measures crucial:
- to grant level playing field in the single
market
- to internalize spillovers (40% of EIB
policy interventions)
- 28 bn Euro frontloading of activities to start
with
- Traditional strong focus on health and
innovation financing (EIB and EIF)
- Backbone of the EU venture capital market
(EIF) and venture debt (EIB)
- Part of Team Europe for the extra-EU
- The EGF: up to 200 bn Euro to address
liquidity and funding issues of firms
- Based on euro 25 bn guarantee from
member states, with strong leverage
effect and expected loss of some 20%
- Mostly SMEs (65% min SMEs, 28% max
mid-large & hospitals (max 5%)), 7%
venture capital and venture debt)
- Providing capped and uncapped
guarantees, ABS, risk sharing, as well as VC
and venture debt
EIB
19. What is the Next Generation EU package?
17/06/202019
How will the EUR 750bn used?
• EUR 250 bn: loans to member states (as part of the Recovery and Resilience Facility)
• EUR 440 bn: grants to member states (as part of the Recovery and Resilience Facility)
• EUR 60 bn: guarantees strengthening other key elements of the EU budget
Complementing MFF 1.1tn (including Cohesion Policy, Horizon, etc)
With EIB Proposed Involvement:
• Just Transition Fund – increased to EUR 40 bn, public loans facility for green transition
• Investment EU + Strategic Investment Fund: additional EUR 30 bn (50% each)
• SIF to develop strong and resilient independent value chains, such as critical infrastructure, green and digital
technologies and healthcare and enhance the autonomy of the Union’s single market. For Important Projects of
Common European Interest. EUR 15bn to generate EUR 150 bn investment.
• Solvency Support Instrument – EUR 31 bn to provide a new EUR 75 bn guarantee to EIB, to
lend up to EUR 300 bn
• Equity support to viable companies and help firms through their green and digital transformation.
• Guarantee to be calibrated – investment targeted to those companies in sectors/countries with greatest need.
• Outside the EU – additional EUR 15 bn
20. Single market remains crucial for German economy
17/06/2020 20
Exports of goods to other Member
States, 2019
EUR bn
Intra-EU and extra-EU exports of goods,
2019
Share in per cent
Source: Eurostat.
21. Potential post-crisis scenarios.
17/06/202021
• Falling behind: incomplete recovery and growing national and regional divergences.
• Resetting the clock: growth in line with its pre-crisis potential, but unable to recoup
the current output loss.
• Catching up: more dynamic recovery, economies not only to return to past
performance but also to successfully restructure & grow faster in the long run
Real GDP index
(2019=100)
23. Structural investment needs are large and urgent
17/06/202023
Competitiveness and
productivity
Social
sustainability
Environmental
sustainability
Digital adoption:
EU (=DE) 58% vs US 69%
VC/GDP: EU 0.05%
vs US 0.33%
EU firms: 13% of
the group of new
top innovators
(vs US 34%)
Covid-19 laid bare
social challenges
(education,
housing).
Economic shock
with greater
impact on low-
skilled workers.
Risk of wrong incentives,
e.g. low oil prices or
prioritization of short-term
24. Strengthening focus on innovation needed.
17/06/2020European Investment Bank Group 24
Q. What proportion of total investment was for developing or introducing new products, processes, services?
Q. Were the products, processes or services new to the company, new to the country, new to the global market?
Innovation activities
share of firms in per cent
Source: Econ EIBIS
Note: NW refers to North-Western Europe incl. FR, DE, LUX, BE, NL, DK, SE, FI and IE.
0
20
40
60
80
100
Germany NW EU Germany NW EU
SME Large
No innovation New to the firm New to the country New to the world
25. German firms lag behind US on digital adoption. Large
firms in manufacturing most likely to adopt.
17/06/2020European Investment Bank Group 25
Note: A firm is identified as partially digital if at least one digital technology was
implemented in parts of the business; and fully digital if the entire business is organised
around at least one digital technology. Firms are weighted using value added.
Firms that implemented at least one digital
technology
share of firms in per cent
Source: Econ EIBIS
Skill constraints by digitalization level
share of firms in per cent citing investment obstacle
0
20
40
60
80
US-2019 EU-2019 DE-2019 SME Large
Partially Fully
0
20
40
60
80
100
Not digital Partially digital Fully digital
Lack of skilled staff Digital infrastructure
26. Germany with opportunities from green transition
but investment in network infrastructure needed.
17/06/202026
0
10
20
30
40
50
60
Energy
Intensive
Non Energy
Intensive
Energy
Intensive
Non Energy
Intensive
Energy
Intensive
Non Energy
Intensive
Germany EU US
0
10
20
30
40
Q: What proportion of the total investment was primarily for measures to improve energy
efficiency in your organisation?
Base: all firms that have invested (data not shown for those who said don’t know/refused)
Note: Investment decision is a binary that takes the value of one when firms surveyed have
invested in energy-efficiency improvements and 0 otherwise
Q: Thinking about your investment activities, to what extent are energy costs an obstacle? Is a
major obstacle, a minor obstacle or not an obstacle at all?
Base: All firms (data not shown for those who said a minor obstacle/not an obstacle at
all/don’t know/refused)
Firms that invest in Energy efficiency, by
energy intensity
In per cent
Share o firms considering energy costs as
obstacle to investment
In per cent
Source: Econ EIBIS
27. Local public investment needed to support recovery
and structural transformation
17/06/202027
0
20
40
60
80
100
roads housing water schools &
training
childcare IT
serious backlog notable backlog no or only limited backlog
Municipal investment gap of EUR 147 bn
Areas with investment backlog
Share of municipalities stating investment backlog, in per cent
Impact of Covid on investment
Share of municipalities stating investment backlog, in per cent
0 20 40 60 80 100
Digitalisation of public services to get
a boost
Investment going to shift to
systemically relevant areas (health,
emergency protection)
Share of investment going to decrease
strongly agree somewhat agree somewhat disagree fully disagree
Source: KfW Kommunalpanel and special Corona survey.
29. Achieving a dynamic and sustained recovery in
Germany and Europe
17/06/202029
• Provide targeted demand and income support to facilitate an exit towards a new
normal;
• Address the main bottlenecks to output and growth accompanied by a continued
effort to implement structural reforms;
• Rebuild the capital stock and enhance labour skills, to invest in new, sustainable
growth sectors, including IT, and the ‘greening’ of our economies; and
• Avoid supporting oversupply in structurally unviable industries and inefficient firms.
EC Recovery plan (“Next Generation EU”) is important step in this direction.
• Focus on fostering public investments and reforms to accelerate the recovery, make
Member States economies more resilient, facilitate the green and digital transition,
and reduce economic and social divergences.