The document discusses the long-term fiscal challenges facing governments as a result of the sovereign debt crisis and aging populations. It notes that while the financial crisis increased debt levels in many advanced economies, aging will be an even greater burden on public finances through increased spending on pensions and healthcare. The speaker argues that early action through fiscal rules and reforms to pension and health systems is needed to ensure long-term fiscal sustainability, as demographic shifts will not spare Switzerland and most countries are unprepared for the fiscal impacts.
Banca IFIS, 9 months of improving results. Thanks to the trust of retail costumers, SMEs and families. The C.E.O. Bossi: "Outstanding performance achieved by assuming risks responsibly: Banking business is possible".
SEB Enskilda Nordic Banks Seminar, May 2010Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Uk gilt holdings and qe - money for nothing gilts for freeJohn Ashcroft
Since QE began in early 2009, UK gilts in issue have increased from £600 billion to £1.6 trillion. Bank of England holdings have increased from zero to £400 billion accounting for 25% of all gilts in issue. BoE holdings peaked at almost 30% of total holdings in 2012. Overseas holdings of gilts, have doubled from £200 billion to £400 billion. In the most recent period, overseas holdings have fallen to 25% of all gilts in issue, compared to an historical average of 30%. UK institutional holdings of gilts have increased from £400 billion to £800 billion accounting for 50% of all gilts in issue. Holdings of gilts by pension funds and insurance funds have increased from just over £200 billion to almost £500 billion. As a share of total gilts in issue, pension fund and insurance company holdings have been steady at around 28% over the six year period. Other UK financial institutions have seen a fluctuation in holdings with some suggestion of “front running” i.e. buying gilts ahead of the Bank of England purchase programme to benefit from rising prices. in the initial stages. In fact, all major stakeholders in gilts have increased holdings over the five year period. This raises an interesting question about from whom has the Bank of England bought gilts as part of the QE process? Only in the very early stages of QE is there evidence of purchased from the private sector (note 7). In reality it would appear the Bank of England purchases gilts from the Debt Management Office and not from financial institutions. Asset values are guaranteed by Treasury. JKA
Dividends, yields and coupons are also returned to Treasury, which effectively enables the government to finance borrowing with a Dire Straits underpin “Money for nothing - Gilts for Free.”
Banca IFIS, 9 months of improving results. Thanks to the trust of retail costumers, SMEs and families. The C.E.O. Bossi: "Outstanding performance achieved by assuming risks responsibly: Banking business is possible".
SEB Enskilda Nordic Banks Seminar, May 2010Swedbank
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Uk gilt holdings and qe - money for nothing gilts for freeJohn Ashcroft
Since QE began in early 2009, UK gilts in issue have increased from £600 billion to £1.6 trillion. Bank of England holdings have increased from zero to £400 billion accounting for 25% of all gilts in issue. BoE holdings peaked at almost 30% of total holdings in 2012. Overseas holdings of gilts, have doubled from £200 billion to £400 billion. In the most recent period, overseas holdings have fallen to 25% of all gilts in issue, compared to an historical average of 30%. UK institutional holdings of gilts have increased from £400 billion to £800 billion accounting for 50% of all gilts in issue. Holdings of gilts by pension funds and insurance funds have increased from just over £200 billion to almost £500 billion. As a share of total gilts in issue, pension fund and insurance company holdings have been steady at around 28% over the six year period. Other UK financial institutions have seen a fluctuation in holdings with some suggestion of “front running” i.e. buying gilts ahead of the Bank of England purchase programme to benefit from rising prices. in the initial stages. In fact, all major stakeholders in gilts have increased holdings over the five year period. This raises an interesting question about from whom has the Bank of England bought gilts as part of the QE process? Only in the very early stages of QE is there evidence of purchased from the private sector (note 7). In reality it would appear the Bank of England purchases gilts from the Debt Management Office and not from financial institutions. Asset values are guaranteed by Treasury. JKA
Dividends, yields and coupons are also returned to Treasury, which effectively enables the government to finance borrowing with a Dire Straits underpin “Money for nothing - Gilts for Free.”
La informacion mas completa de Mexico, Oaxaca y la Costa chica. IEEPO, en silencio ante lío magisterial en Oaxaca. CNTE acuerda seguir en paro; el sábado define si inicia clases.
Descrição o que são e como funcionam os novos desenvolvimentos realizados pela Diretoria de Educação e Capacitação Profissional da Sociedade Brasileira de Informática em Saúde. Apresentação pelo Dr Renato M.E. Sabbatini, Instituto Edumed, Campinas, Brasil.
Herramientas y Estrategias Digitales para aumentar tus ventas - II Seminario ...Ubaldo Lescano
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La informacion mas completa de Mexico, Oaxaca y la Costa chica. IEEPO, en silencio ante lío magisterial en Oaxaca. CNTE acuerda seguir en paro; el sábado define si inicia clases.
Descrição o que são e como funcionam os novos desenvolvimentos realizados pela Diretoria de Educação e Capacitação Profissional da Sociedade Brasileira de Informática em Saúde. Apresentação pelo Dr Renato M.E. Sabbatini, Instituto Edumed, Campinas, Brasil.
Herramientas y Estrategias Digitales para aumentar tus ventas - II Seminario ...Ubaldo Lescano
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(BAREFOOTJOURNAL.COM) The 15 Ultimate Magic Travel Destinations for 2015barefootjournal
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Places to take your breath away
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Non-Bank Lending in Germany: How Investors can access Lending to the MiddelstandDr. Nicolaus Loos
Presentation held by Dr. Nicolaus Loos at the Private Debt Investor Conference in Munich, June 23rd 2016:
The German Midmarket has for long been considered "closed shop" for European Private Debt players seeking to undertake Direct Lending transactions. Dr. Loos outlines the attractiveness of Germany in comparison to other EU markets and in particular highlights the Mittelstand as an investment case, offering a highly attractive risk-return profile for investors. Accessing this market needs careful considerations though.
Slides: SME FINANCING IN THE EU - Is Capital Markets Union going to deliver?Stefanie Schulte
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Ireland’s EU-IMF Program: A Safe Harbor in a Perfect StormLatvijas Banka
Presentation by Craig Beaumont, Assistant Director of the European Department, International Monetary Fund at the Conference "Have We Learnt Anything from the Crisis?" in Riga, Latvia. 17.10.2014
The European Council summit brought a "surprisng" conclusion with the agreement on mutualizing EZ banks' rescue; however the roots of the EZ problems are not addressed: economic and competitiveness imbalances.
Luxembourg is one of the world’s wealthiest countries. It has one of the Eurozone’s highest current account surpluses as a share of GDP, main¬tains a healthy budgetary position, and has the region’s lowest level of public debt.
Economic update – Keith Wade’s presentation at the LBS Investing Strategy event London Business School
Keith Wade is Chief Economist and strategist at Schroders. He is responsible for the economics team and the house view of the world economy. Prior to joining Schroders he was a researcher at London Business School's Centre for Economic Forecasting. In the presentation he discusses the current economic cycle, the likely trajectory and investment options for pension schemes having long term outlooks but short term pressure to manage volatility.
The “Investment Strategy 2013: Peering into the Crystal Ball” event was organised by The Pensions Management Institute and London Business School’s Alumni Club. It took place on 8 October 2012.
Governor Olli Rehn: The Finnish economy in early summer 2020: The worst has n...Suomen Pankki
Governor Olli Rehn
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The Finnish economy in early summer 2020: The worst has not transpired – but we mustn’t fade in the second half
Bank of Finland Bulletin press conference 9 June 2020
www.eurojatalous.fi #bofbulletin
Experts from the International Auditing and Assurance Standards Board (IAASB), the European Commission (EC), the Committee of European Audit Oversight Bodies (CEAOB), assurance service providers, investors and the business community met to discuss the regulatory, policy and standard-setting path toward high-quality sustainability assurance.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Which Crypto to Buy Today for Short-Term in May-June 2024.pdf
Fritz Zurbrügg, Director Swiss Federal Finance Administration - IFAC Sovereign Debt Seminar
1. Eidgenössisches Finanzdepartement EFD
Eidgenössische Finanzverwaltung EFV
The Sovereign Debt Crisis – Harbinger
of Long-term Fiscal Challenges
Fritz Zurbrügg
Director, Federal Finance Administration FFA
IFAC, Vienna 20. March, 2012
Eidgenössisches Finanzdepartement EFD
Eidgenössische Finanzverwaltung EFV 1
2. Main Issues
• Financial crisis – underscoring the importance of
sustainable public finances
• Fiscal burdens of financial crises vs. ageing
• Garnering support for early action
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 2
3. Sovereign Debt Crisis – From
Emerging to Advanced Economies
• Rapid increase in debt levels in advanced economies
% GDP
Source: OECD Economic Outlook 90
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 3
4. Sovereign Debt – Switzerland Spared
Until Now
Deficit and debt ratios 2000-2015 (as a % of GDP):
G-20 (excl. emerging mkts.) and Switzerland (2011-15: estimate)
120
G-20
100
80
60
4 CH
40
0
CH
-4
G-20
-8
-12
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Defizitquote (linke Skala) Schuldenquote (rechte Skala)
deficit ratio (lhs) Debt ratio (rhs)
Sources: IMF, FFA
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 4
5. Sovereign Debt Issues
• Sovereign debt issues - largely ignored in advanced
economies before the financial crisis
• Fiscal policy - reactive and thereby failing to create
fiscal space for future challenges
• Current debt crisis has exacerbated well-known
future fiscal challenges
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 5
6. Demographics – The Real Problem
Source: IMF, 2009
• The crisis has been bad, but the worst is still to come
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 6
7. Demographics – Switzerland not
Spared
• Gross debt 2009-2060 (as a % of GDP)
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 7
8. Age-related Spending
•
* Switzerland: 2009. Source: EU-Commission, FFA
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 8
9. Ageing – A Multifaceted Challenge
• Pressure on public finances: pensions and long term
care
• Pressure also on private savings returns
(babyboomers will save less…)
• A drag on growth? (lack of investment due to a lack
of savings)
• Switzerland is not spared, but has a better starting
position than many
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 9
10. Early Action is Key
• Fiscal rules:
• Changes incentives with respect to deficit spending
• Timing is crucial: prevent bad management in good
times and allow for flexibility in downturns
• Focus on short term: no panacea but creates fiscal
space for long term
• Long-term action:
• Ensure sustainable pension and health financing
• Promote growth
Eidgenössisches Finanzdepartement EFD
Long term Challenges / Fritz Zurbrügg - IFAC Vienna, 20.
Eidgenössische Finanzverwaltung EFV March, 2011 10
Editor's Notes
Sovereign debt crisis has brought attention to the issue of fiscal policy and fiscal sustainabilityCurrent crisis just one aspectIt’s necessary to anticipate evolutions
A reasonable fiscal policy should be restrictive during good times so as to have enough fiscal space to allow for deficits in times of recession.In the last years, this was not applied; the outbreak of the crisis has quickly led to a marked increase of public debt in several industrial countries.Thanks to its fiscal rule (debt brake) and a less severe economic downturn, Switzerland is an exception.Financial crisis has shown that the way from sound finances to rising public debt can be very short.
Before the financial crisis, interest in fiscal policy had faded as it could not be used as a practical tool for economic policy like monetary policy. The crisis has brought back interest.Question now is how to ensure sound public finances in the long term, while keeping enough flexilibility to manage the short term without reverting to disruptive policies (sharp restriction of policy during a recession).In many places, fiscal policy has failed with respect to this. Countries have fallen into the trap of neglecting public finances to find themselves in a situation where the room for manoeuvre has disappeared when it was needed most.The problem is not new, but the financial crisis has revealed it.
Fiscal space / room for manoeuvre might be needed even more in the future.Chart shows a comparison of the cost of the crisis in comparison to the estimated long term cost of demographic change. The cost of the current crisis seems very modest compared to what is still to come.Data is a bit old, unfortunately, and the crisis is not over yet, but the message is clear: The extent of demographic factors should not be ignored. A rising life expectancy and increasing numbers of retiring baby boomers create a pressure on spending for old age insurance, health care and (specially) long-term care. Notwendigkeit von strukturellen Reformen Finanzpolitisches Ziel: Agieren statt reagieren
A study conducted by our ministry shows that Switzerland might have avoided the worst of the finanical crisis (so far), but it is equally concerned by demographic challenges:The projections show the effect of current demographic trends on future spending, revenues and debt. This allows to calculate fiscal gaps. Large uncertainties are being dealt by calculating these values for different scenarios (e.g. higher or lower growth).General government debt is bound to increase if no measures are taken. The increase will be most notable with social insurances and local governments that are involved in spending for long-term care.
A comparison with selected European countries shows that demographic challenge will have an impact on many industrial countries. Demographic related spending is bound to increase.Comparisons are difficult though. Results depend on initial hypotheses. In the present case, the growth scenario for Switzerland for instance is different from that of other countries (less optimistic). In addition, social insurance systems and the financing of health spending can vary substantially across countries. (Switerland has a large share of private - but regulated and compulsory - spending for both health care and pensions (KVG, 2.Säule).
To summarize:Pensions and health care spending, particularly long-term care will create a long lasting pressure on public finance.Pressure might also be felt on private savings, as retired babyboomers will save less.If low savings leads to a scarcity of funds for investments, this might also lead to a drag on economic growth.A sound fiscal position represents a better starting position to face upcoming challenges.
Fiscal rules can increase the fiscal room for manoeuvre. They can succeed if they manage to reduce incentives towards fiscal deficits by institutions and policymakers.Timing is very important when introducing a fiscal rule. A recession and large structural deficits might be a difficult starting point. When the economy recovers is a better time to implement budget cuts and improve the financial situation. An excessively pro-cyclical fiscal stance can thus be avoided. More flexibility can then be provided in downturns.A perfect fiscal rule is hard to design, but even a second best rule might still be preferable to an often markedly pro-cyclical policy without such a rule. It cannot resolve all problems however, particulalrly in relation to long term challenges. Social security reforms will not necessarily be pushed forward by a fiscal rule with a short to medium term time horizon.Long-haul reforms are therefore needed independantly from a fiscal rule targeting the budget: Reforms in favor of economic growth and the financial stability of institutions such as pensions and health care systems. Need to act early, cost of inaction is more reforms later.