In the first of a series of reports commissioned by HSBC, we consider the macroeconomic situation in Europe, prospects for growth and the strengths of the continent's economy
This report outlines market trends in 2013 and provides growth prospects for the investment, office, logistics and retail property markets in France and the Paris region.
Etude PwC IPO Watch 2013-2014 (mars 2014)PwC France
http://pwc.to/1oz8ppo
L’étude IPO Watch de PwC révèle que des opérations se préparent au premier semestre 2014 dans le secteur de la distribution et de la consommation. D’autre part, les privatisations devraient augmenter : certaines banques européennes renflouées pourraient être partiellement privatisées au travers d'introductions en bourse.
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.
In the first of a series of reports commissioned by HSBC, we consider the macroeconomic situation in Europe, prospects for growth and the strengths of the continent's economy
This report outlines market trends in 2013 and provides growth prospects for the investment, office, logistics and retail property markets in France and the Paris region.
Etude PwC IPO Watch 2013-2014 (mars 2014)PwC France
http://pwc.to/1oz8ppo
L’étude IPO Watch de PwC révèle que des opérations se préparent au premier semestre 2014 dans le secteur de la distribution et de la consommation. D’autre part, les privatisations devraient augmenter : certaines banques européennes renflouées pourraient être partiellement privatisées au travers d'introductions en bourse.
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.
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
The Netherlands – with a spotlight on construction and transport industry sectors
Spain – with a spotlight on construction and automotive industry sectors
United States of America
Belgium
Austria
Ireland
Poland
Indonesia
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.
Why invest in Bulgaria? ELANA Trading gives you the top advantages of this East European economy with a snapshot also of the Bulgarian stock market potential and some stock picks. Data as of 30 June 2017.
European leaders could be forgiven for feeling they are being besieged from all angles.
From the East, tensions with Russia over Ukraine have echoes of the Cold War, dampening business growth hopes in neighbouring economies and highlighting reliance on Russian natural resources.
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
The Netherlands – with a spotlight on construction and transport industry sectors
Spain – with a spotlight on construction and automotive industry sectors
United States of America
Belgium
Austria
Ireland
Poland
Indonesia
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.
Why invest in Bulgaria? ELANA Trading gives you the top advantages of this East European economy with a snapshot also of the Bulgarian stock market potential and some stock picks. Data as of 30 June 2017.
European leaders could be forgiven for feeling they are being besieged from all angles.
From the East, tensions with Russia over Ukraine have echoes of the Cold War, dampening business growth hopes in neighbouring economies and highlighting reliance on Russian natural resources.
Presentation of Prof. Lars Feld - The Economic Situation in EMU - Where do we...Bankenverband
GCEE Business Cycle Update, March 2018: “In the euro area, the level of indebtedness of many member states remains very high. This is particularly true of Italy where the national debt stands at over 130 % of GDP. Should financial markets lose confidence in the sustainability of public debt on account of the political uncertainty resulting from the outcome of the election, given the size of the Italian economy a return of the euro crisis cannot be ruled out. Furthermore, risks to financial stability continue to persist in certain member states due to the fragility of many banks, particularly with regard to the extent of non-performing loans.”
Усиление конкуренции за первичные объекты на крупнейших европейских рынках недвижимости заставляет инвесторов переключить внимание на сектор вторичной недвижимости и восстанавливающиеся рынки. Такой вывод содержится в исследовании «Новые тенденции на европейском рынке недвижимости в 2015 году», подготовленном совместно некоммерческой организацией Urban Land Institute (ULI) и фирмой PwC. В отчете подчеркивается рост популярности возможных инвестиций в недвижимость городов, которые особенно серьезно пострадали в результате прошлого кризиса на рынке.
The Deloitte CFO Survey 2014 Q2 results - Risk appetite at new highDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Risk appetite among the chief financial officers (CFOs) of the UK’s largest companies has reached a seven year high.
- CFO risk appetite hits a seven year high despite economic and financial uncertainties.
- CFOs more positive on government policies and give strong vote of confidence to Bank of England.
- Worries over UK political risks eclipse economic risks for CFOs.
- Credit cheaper and more available than any time in seven years.
This is the 29th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q3 2014 survey took place between 8th and 22nd September.
118 CFOs participated, including the CFOs of 28 FTSE 100 and 40 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 79 UK-listed companies surveyed is £462 billion, or approximately 20% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
he recent data flow in Spain has been encouraging. Despite protracted weakness in bank lending and persistently high bank lending rates, the Spanish economy has recorded significant progress since mid-2013. This consideration prompts us to evaluate the cyclical dynamics in Spain as we enter the new year. In our view, it can be cautiously concluded that the Spanish economy has healed sufficiently well to grow at a decent pace in 2014.
Federgon members (private employment agencies) can expect a slight improvement in market conditions in the coming months due to the somewhat more favorable economic outlook. Even with a growth forecast of 1% to 1.2% in 2014 recovery will only be partial.
Etude PwC/ULI sur les investisseurs immobiliers en Europe en 2015 (jan.2015)PwC France
http://bit.ly/PwC-ULI2015
Emerging Trends in Real Estate® Europe est un rapport publié conjointement par l’Urban Land Institute (ULI) et PwC chaque année depuis 2003. Ce rapport présente les perspectives du marché immobilier en Europe et plus particulièrement les tendances de la promotion et de l’investissement immobiliers, des marchés du financement immobilier, ainsi que les tendances par secteur et par zone géographique. Ce rapport s’appuie sur les analyses de plus de 500 spécialistes de l’industrie, y compris des investisseurs, promoteurs, banquiers, brokers et consultants.
Aranca views: Europe Debt - That Sinking Feeling AgainVikas Sharan
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of european debt data, net debt, eurozone inflation data, gdp growth, unemployment rate and more.
Check out the published version here: http://www.aranca.com/knowledge-center/articles-and-publications/300-european-debt-that-sinking-feeling-again
European Debt: That sinking feeling…again? | Articles and PublicationsAranca
European debt has increased either absolutely or as a percentage of GDP over the years. Aranca’s article provides overview of European debt data, net debt, Eurozone inflation data, GDP growth, unemployment rate, etc.
This report draws on over 10,000 interviews with business leaders as well as economic forecast data to better understand the growth opportunities and challenges facing dynamic companies over the next 12 months.
2017 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic embalances, and results of in-depth reviews under Regulation (EU) No 1176/2011
Companies are increasingly focused on high-quality strategic transactions, with less time spent on investigating peripheral opportunities, according to our annual tracker of business leader M&A intentions.
With momentum building towards the UN Climate Change Conference in Peru, new figures from IBR reveal that businesses leaders in emerging markets are more focused on the sustainability of their operations compared with peers in developed markets. In this short report Nathan Goode, global leader for energy & cleantech, calls for a change in the narrative around sustainability arguing that we need to start talking in language that resonates with businesses.
Investor calls for transparency and the rise of social media have thrust the impact businesses have on the economy, the environment and society more firmly into the spotlight. Drawing on more than 2,500 interviews with business leaders in 34 economies, Corporate Social Responsibility: beyond financials, looks at how companies are responding to this challenge; how they are making their operations more sustainable and what role they feel integrated reporting can play.
Tax management within multinational enterprises (MNEs) has never been more challenging. 'Getting to grips with the BEPS Action Plan' is the latest Grant Thornton report exploring the OECD’s planned overhaul of the international tax system, what it means for businesses and how they can prepare.
Many charities consider social media a key channel to deliver their communications and fundraising goals, although few incorporate it into their core strategy – a problem exacerbated by the social media knowledge gap at senior levels in charities worldwide.
Drawing on interviews with international charity leaders and Grant Thornton Not for Profit specialists, this report provides charity leaders with guidance on how they can enable their charity to take advantage of social media’s power to engage new communities and to thrive online.
Key findings
• Strategy: Organisational strategy should drive social media use, the board must help formulate this from a position of knowledge.
• Governance: The social media governance approach and guidelines should be shared with everyone in the organisation.
• Education and training: Formal education should be used at every level. Internal social networks can help people gain knowledge of social media.
• Risk: Social media non-engagement is a risk in itself, although costs must be weighed against benefits.
• Impact: It is vital to measure social media outcomes to justify investment; metrics should be linked to a strategic goal and monitored.
Read more here: bit.ly/1otFEJR
New research from the Grant Thornton International Business Report (IBR) has found that Brazilian business enthusiasm for hosting the tournament has plummeted over the past two years. However, while few business leaders predict increased investment or increased profits as a result of Brazil hosting the competition, there is hope that infrastructure improvements and a greater influx of tourists will prove enduring legacies. For more information please visit http://bit.ly/1kZr9tB
This outsourcing report looks at the trends driving, and barriers to, outsourcing adoption in 45 economies across the globe.
Why and what functions are businesses outsourcing? What is preventing businesses from outsourcing? And how can these obstacles be overcome?
Companies are facing a proliferation of transfer pricing documentation demands. While the new requirements set out in the OECD’s Base Erosion Profit Shifting (BEPS) Action Plan will raise the bar still further, they could also provide the catalyst for the development of a more sustainable approach. http://bit.ly/1htg32Z
The United Arab Emirates (UAE) is a rapidly developing economy with an approximate population of 8 million. Its GDP was estimated at US$390bn in 2013, making it the 29th largest economy in the world and the second largest in the Middle East. Its GDP per capita is approximately US$43,000, the 19th highest globally.
This expatriate tax guide has been designed to provide an overview of the different tax systems around the globe and gives further information about tax systems and regulations in specific countries, http://bit.ly/1hkrB4r.
Organisations that send their greatest assets – their people – overseas to work can face certain tax burdens. Working overseas offers an opportunity for business and personal growth. However, employers have to make sure that remuneration is competitive and that tax, social security and pension issues associated with relocation are addressed.
Working with both companies and individuals and using our global network of specialists, we can advise on the pitfalls associated with working abroad and make sure that appropriate pre-assignment planning opportunities are implemented effectively to minimise the tax burden for both parties. Our tax specialists across the network work together on complex multi-jurisdictional issues to help employers to adopt a consistent and transparent approach to their expatriate assignments. This ensures that their employees are treated fairly and are clear about the terms of their relocation package.
24%: that is the proportion of women holding the most senior roles in businesses across the globe. We have been tracking this figure over the past decade and are sorry to report there has been no significant movement. In fact, this figure is exactly the same as 2007, 2009 and 2013, suggesting that women’s ascent up the corporate ladder has returned to its ‘natural level’ following the financial crisis, during which women were disproportionately hit.
Drawing on data and insight from the Grant Thornton International Business Report (IBR), the Grant Thornton Global Dynamism Index (GDI), the Economist Intelligence Unit (EIU) and the International Monetary Fund (IMF), this short report considers the outlook for
Latin America in 2014.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Memorandum Of Association Constitution of Company.ppt
The future of Europe (IBR 2014)
1. The future of Europe
Grant Thornton International Business Report 2014
2. 2013
2014
2015
2013
2014
2015
%
%
%
2%
37%
-4%
2013 20142012
86%86%79%
0.1%
1.5%
2.0%
1.5%
2.0%
0.1%
10%
2013 0.1%
1.5%2014
2.0%2015
2013
89.4 89.7 89.5
-3.5 -2.7 -2.7
10.9%2013
10.7%2014
10.4%2015
2013 2014 2015
57% 1%
16%26%
12%17%
2%11%
9%11%
4%4%
-3%1%
58%64%71%
86%86%79%
201420132012
62%
0.1%
10%
2013 0.1%
1.5%2014
2.0%2015
89.4 89.7 89.5
2013 2014 2015
57% 1%
16%26%
12%17%
2%11%
9%11%
4%4%
-3%1%
58%64%71%
201420132012
62% 51% 41%
10%
.5
-2.7
15
57% 1%
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12%17%
2%11%
9%11%
4%4%
-3%1%
58%64%71%
86%86%79%
201420132012
62% 51% 41%
10%
2013 0.1%
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2.0%2015
2013
2014
2015
2013
2014
2015
89.4 89.7 89.5
-3.5 -2.7 -2.7
10.9%2013
10.7%2014
10.4%2015
2013 2014 2015
37%
2%
2%
-4%
-4%
2013
2013
2014
2014
2012
2012
57% 1%
16%26%
12%17%
2%11%
9%11%
4%4%
-3%1%
58%64%71%
86%86%79%
201420132012
0.1%
1.5%
2.0%
1.5%
2.0%
0.1%
10%
2013 0.1%
1.5%2014
2.0%2015
2013
2014
2015
2013
2014
2015
89.4 89.7 89.5
-3.5 -2.7 -2.7
10.9%2013
10.7%2014
10.4%2015
2013 2014 2015
37%
2%
2%
-4%
-4%
2013
2013
2014
2014
2012
2012
57% 1%
16%26%
12%17%
2%11%
9%11%
4%4%
-3%1%
58%64%71%
86%86%79%
201420132012
62% 51% 41%
0.1%
1.5%
2.0%
1.5%
2.0%
0.1%
10%
2013 0.1%
1.5%2014
2.0%2015
2013
2014
2015
2013
2014
2015
89.4 89.7 89.5
-3.5 -2.7 -2.7
10.9%2013
10.7%2014
10.4%2015
2013 2014 2015
37%
2%
-4%
2013
2013
2014
2014
2012
2012
57% 1%
16%26%
12%17%
2%11%
9%11%
4%4%
-3%1%
58%64%71%
86%86%79%
201420132012
62% 51% 41%
0.1%
1.5%
2.0%
1.5%
2.0%
0.1%
Italy
Greece
Spain
Neth.
Finland
Germany
eurozone
64%
58%
49%
39%
24%
18%
13%
Recovery
% businesses positive about euro membership
% non-EU businesses that think further
integration would help grow their business
% of businesses that want to expand the eurozone
Integration
Expansion
• Demark and Lithuania remain eager
to join, but support in Poland fading.
% of businesses that do not want
to see further EU integration
Unemployment (%)
Business optimism (%; Q1)
GDP growth
Welcome to the third edition in our ‘Future of Europe’ series which uses economic and business
survey data from our International Business Report (IBR) to provide insight into how Europe
is recovering from the sovereign debt crisis. The report focuses on three main areas:
Executive summary
France
Germany
• the recovery took hold in Europe last year with all
economies expected to grow this year
• support for euro remains high, with most
businesses regarding membership as positive.
• majority of eurozone businesses do not
want to see single currency expand further
• business optimism has risen
sharply since this time last year
as uncertainty subsides.
• majority of European businesses are
open to more integration, but attitudes
in Germany have hardened
• French and German businesses have very
different experience of euro membership
• sovereign debt crisis has damaged
attractiveness of EU as a place to
do business
• levels of public debt remain high,
but should peak this year as
deficits decline
• unemployment rates remain elevated but are expected
to fall over the next two years
2012 2013 2014
3. The economic outlook for Europe is much more positive compared with this time last year. In 2013
this report talked of regional stagnation with growth rates flat, unemployment rising and painful
fiscal adjustments constraining the spending power of businesses, consumers and governments.
Foreword
The future of Europe 2014
Twelve months on the picture is much
brighter; the region is expected to post
modest growth in 2014, unemployment
and debt levels are creeping down while
measures of consumer and business
confidence are rising. The turnaround
in fortunes is perhaps most evident in
those economies hit hardest by the crisis:
Ireland has exited its bailout programme
and business optimism is soaring;
Portugal and Spain are exporting
themselves out of recession; Greece
recently met the criteria for its latest
tranche of bailout funds and the
government is forecasting a primary
budget surplus this year.
Despite this improved outlook,
a number of challenges remain for
regional policymakers. Deflation is a
mounting concern, with the inflation rate
falling to just 0.5% in March well below
its 2% target. This is stoking fears of
a Japan-style stagnation, as businesses
and consumers delay purchases in the
expectation of lower prices, and loans
become more expensive in real terms,
putting pressure on the ability of
countries to service their sovereign debts.
The European Central Bank (ECB) has
taken steps to ease monetary conditions,
dropping interest rates to a historic low
of 0.25%, and has discussed introducing
quantitative easing.
The outlook for France and Italy is also
a concern. Together their two economies
account for 38% of total eurozone output
but growth rates in both are expected
to lag the regional average over the next
two years with political uncertainty
complicating attempts to reform labour
and product markets.
Youth unemployment also poses a
significant risk to long-term economic
vitality with close to one in four young
people looking for work across the
European Union (EU). Time spent
outside the workforce erodes productivity
as key business skills, employability and
sometimes motivation fade. Young people
are likely to pick up new processes and
techniques relatively faster than older
peers but if they are inactive in these
‘business formative’ years, the
opportunity is lost.
Youth inactivity and social unrest
looks set to play into the hands of right
wing parties, which tend to favour
looser European ties, in the upcoming
parliamentary elections. Indeed rising
nationalist sentiment is evident across
Europe with Scotland to vote on whether
to remain part of the UK later this year;
Cataluña pressing for a referendum; the
secession of Kosovo still to be resolved;
and the UK possibly to hold a referendum
on EU membership as early as 2017.
Add to this the energy and geopolitical
uncertainty caused by the annexation
of Crimea by Russia and it is clear that
the business outlook remains delicately
poised. However, in our profession,
recent EU accounting reforms should
boost transparency and competition in
the market, creating opportunity and
improving information for investors.
And with business confidence and growth
indicators on the rise, I am excited about
the prospects both for us and our clients
across the region over the coming months
and years.
Ed Nusbaum
Global CEO, Grant Thornton 3
4. 4.2
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1.51.5
4 The future of Europe
The future of Europe 2014
Real GDP growth (%) 2014
The recovery in Europe finally took hold in the second quarter of 2013. Since then it has spread out across the region,
strengthening and steadily becoming more balanced. Output in the eurozone last year as a whole contracted by 0.4%,
and the wider EU grew by just 0.1%, but the outlook for 2014 looks much brighter.
Recovery
The eurozone is expected to expand by
1.2%, accelerating to 1.8% in 2015 with
the EU expected to grow even more
quickly, by 1.5% in 2014 and 2.0%
in 2015. Germany, which accounts for
28% of total eurozone output, had a
comparatively poor 2013, growing by just
0.4%, down from 0.7% in 2012 as the
regional slowdown threatened to derail
its mighty export machine. However,
with last year’s elections returning a
‘Grand Coalition’ under the continued
stewardship of Angela Merkel, growth
is expected to match the EU average
across the next two years.
France, which accounts for a further
22% of regional output, followed no
growth in 2012 with expansion of just
0.3% in 2013. But despite the deep
unpopularity of President Hollande,
who has a particularly low standing
amongst business leaders following a
series of proposed tax rises, the economy
is expected to grow by 1.0% in 2014
and 1.7% in 2015.
Spain returned to growth in Q3 last
year on the back of a spectacular export
performance following nine straight
quarters of contraction and the economy
is forecast to expand by 1.0% and 1.7%
over the next two years. Ireland and
Portugal are also expected to grow
UK
Spain
PortugalTurkey
France
Greece
Norway
NetherlandsRussia
Estonia
Ireland
eurozone
Germany
Italy
EU
Source: European Commission, Economist Intelligence Unit 2014
Finland
relatively robustly in 2014 bolstering
the argument of advocates of austerity
and the EU bailout programmes. Even
Greece is finally expected to return
to growth of 0.6% in 2014, accelerating
to 2.9% in 2015.
Outside the single currency, the UK
was the standout performer in 2013.
The economy expanded by 1.9%, driven
by increased consumer spending and
a housing boom, and is expected to top
that over the next two years. Growth
forecasts for Poland are even stronger,
driven by improvements in Germany,
its key trading partner, although further
disruption in neighbouring Ukraine could
pose a significant risk.
The situation in Italy is now perhaps
the biggest concern for European leaders,
where the the recent promotion of Matteo
Renzi makes him the fifth of the last
seven prime ministers appointed
without a direct mandate from voters.
The economy, which accounts for 16%
of eurozone GDP, is not expected to reach
its pre-crisis size until at least 2020.
Growth of 0.6% is expected in 2014.
Latvia
Armenia
Lithuania
Georgia
Poland
Switzerland
Sweden
The EU is expected to grow by 1.5%
in 2014, rising to 2.0% in 2015.
5. -4.2%
21
Budget balance 2014
The future of Europe 5
Debt
The yield on Ireland 10-year bonds fell to
3.5% at the beginning of the year, down
from more than 14% at the height of the
crisis, while Greece and Portugal also
successfully returned to international bond
markets earlier this year.
This is a remarkable turnaround, even
from this time last year. Levels of public
debt soared across Europe, first during the
global financial crisis, and then during the
regional sovereign debt crisis. Low levels
of economic activity kept tax receipts low
while high levels of unemployment
(see Labour market) have kept benefit
payments high, further squeezing
government budgets. However, there
are signs that debt levels are stabilising
and even coming down.
Greece is the most indebted regional
economy relative to the size of its
economy, although the government
expects to achieve a primary (ie before
interest payments) budget surplus this
year. Net government debt is expected
to have peaked in 2013 at 173% of GDP.
Portugal, Italy and Ireland all have debt
piles greater than the annual output of
their economies, but should see these
begin to decrease from 2015. Greece
is expected to meet the European Fiscal
Compact criterion of a 3% budget
deficit in 2014, but Italy, Ireland and
Portugal are not expected to meet the
target until 2016.
Governments in Spain and the UK
are still suffering from having to bail
out their large banking sectors and debt
soared as the financial crisis erupted,
almost doubling in the UK and almost
tripling in Spain. Both are expected to
run budget deficits of well over 5% in
2014. Spain is not expected to reach the
3% deficit target until 2017 with the UK
(which did not sign the Fiscal Compact)
arriving there a year later. In France,
President Hollande pledged US$36
billion of budget cuts in 2015-17 but
has asked for more time to meet its
budget deficit target to allow it to
develop its new growth plan
By contrast, German public debt has
barely increased since the financial crisis
and returned its budget to surplus in
2013. Poland, the Baltic and Nordic
economies have very low levels of
debt by comparison.
The future of Europe 2014
The return to growth of Greece, Ireland and Portugal provides a major boost to supporters of
fiscal austerity who have argued that economies should lower debt burdens rather than spend
their way out of trouble. Governments are enjoying dramatically reduced borrowing costs as
rising confidence in the creditworthiness of their economies, as well as capital flight from some
emerging markets, bolsters demand.
Source: IMF 2013
General government net debt (% GDP)
UK
Ireland
Portugal
Spain
France
Netherlands
Germany Poland
Greece
2008
2015
Lithuania
Latvia
Finland
Estonia
Italy
Sweden
107
-12 -52
5
-5
-44
2511
13 37
2410
42
53
165
21
50
89
89
8931
67 118
110
62
112
-16
9148
-5.2%
-2.0%
-0.2%
-5.6%
-3.4%
-4.0%
-5.8%
-3.3%
-2.5%
-3.5%0.5%
-2.4%
0.1%
-1.9%
6. EUEU EUEU EUEU EUEU
Spain
Greece
26.4
24.6
27.3
24
16.5 16.5
12.2 12.4 12.1 11.7 13.1 11.2 10.8 11 10.9 10.4 10.4 10.1
11.8 9.6 11.9
9.2 8.2 8.8 7.7 8.0 7.3 6.7 7.2 7.6 6.5 5.3 5.1
8.1
Portugal
Italy
eurozone
Ireland
France
EU
Poland
Lithuania
Latvia
Finland
Estonia
Sweden
Netherlands
UK
Germany
Spain Greece
26.4 24.6 27.3 24 16.5 16.5 12.2 12.4 12.1 11.7 13.1 11.2 10.8 11 10.9 10.4 10.4 10.1 11.8 9.6 11.9 9.2 8.2 8.8 7.7 8.0 7.3 6.7 7.2 7.6 6.5 5.3 5.18.1
Portugal Italy eurozone Ireland France EU Poland Lithuania Latvia Finland Estonia Sweden Neth. UK Germany
€
6 The future of Europe
The future of Europe 2014
Labour market
The labour market is expected to start
slowly improving this year, with the
unemployment rate across the EU falling
from 10.9% in 2013 to 10.4% by 2015.
Eurozone unemployment remains higher,
but is forecast to fall from 12.1% in 2013
to 11.7% in 2015.
The situation in Greece and Spain,
where more than one in four people of
working age is unemployed, rising to
more than one in two young people,
remains pretty dire, although gradual
improvements are expected over the next
two years. In France, unemployment is
actually expected to peak at 11% this
year and decline thereafter. It remains
to be seen whether the US$14 billion
payroll-tax cuts for firms, as part of
the ‘responsibility pact’ will actually
encourage job creation. Italian
unemployment is expected to rise to
12.6% this year, falling to 12.4% in
Improvements in labour markets tend to lag recoveries as businesses work off excess capacity and
wait for uncertainty to subside before hiring new people. In many European economies stringent
legislation, which makes it hard for businesses to shed workers, exacerbates this issue. Consequently
unemployment rates remains stubbornly high across much of the region, in stark contrast to the
dramatic improvements seen in the United States.
2015. Ireland and Portugal also have
unemployment rates well into double
figures, although in Ireland at least, labour
market pressures have eased significantly.
The contrast with Germany, which
boasts an unemployment rate of just
5.3%, is particularly telling while UK
unemployment is forecast to drop to
6.5% in 2015, down from 7.9% in 2012.
In Finland and the Netherlands, right
wing political parties have made significant
strides recently partly on the back of rising
unemployment rates. In the Netherlands,
the proportion of people out of work has
jumped by more than two percentage
points since 2012 to 7.4%.
Source: European Commission 2014
Unemployment rate (%)
2013
2015
The unemployment rate in Greece and
Spain is more than one in four, rising to
one in two young people.
7. The future of Europe 7
The future of Europe 2014
Business growth
The situation for businesses in southern
Europe has improved dramatically
over the past 12 months, with business
optimism climbing from net -27% to 11%;
Spain alone has seen a positive reversal of
48 percentage points over this period.
Optimism levels in the UK, net 83%, up
from -1% this time last year, and Ireland,
94%, up from 50%, have reached record
highs. Germany (65%) too remains solidly
optimistic, recovering well from a
significant dip in late 2012. The
Netherlands (+44 percentage points) and
Sweden (+45) have also seen massive
positive upswings in confidence over the
past 12 months. However, there are still
signs of strife in France (-17%) and Italy
(6%) where optimism levels are among
the ten lowest globally.
Higher levels of confidence in the
economic outlook are feeding through
into business growth prospects, with
around 10% fewer business leaders citing
economic uncertainty as a constraint in
Q1 compared with 12 months previously.
The proportion of businesses expecting
revenues to climb over the year ahead has
risen to net 44%, up from 37% this time
last year. Profitability expectations
have risen even faster from net 22% in
Q1-2013 to 33% in Q1-2014. However,
while businesses in Ireland (64%), the
UK (61%) Sweden (57%) and Germany
(44%) are all expecting strong profit
growth, their peers in Italy (2%) and
France (8%) are much less optimistic.
Order books are also filling up across
the region with 28% of businesses
across the EU citing a lack of demand
as a constraint on their expansion plans,
down from 31% in Q1-2013, although
still marginally above pre-crisis levels
(25% in 2008). The situation in the
eurozone has improved even faster with
the proportion of businesses struggling
for orders down eight percentage points
to 28%.
The strength of the recovery is further evidenced by renewed business confidence in the economic
outlook. Business optimism across the EU climbed to net 37% in Q1, up from 21% in Q4 and just
2% this time last year. In the eurozone, the figure has risen by 27 percentage points over the past
four quarters to net 25%.
Source: Grant Thornton IBR 2014
Business growth indicators (EU; %)
Optimism levels in the UK, net
83%, up from -1% this time last
year, and Ireland, 94%, up from
50%, have reached record highs.
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
50
40
30
20
10
0
-10
-20
Revenue expectations
Net business optimism
Profitability expectations
Demand (constraint on growth)
8. UK57%
26%
25%
19%
17%
14%
12%
11%
11%
10%
10%
7%
4%
3%
2%
1%
1%
Netherlands
Estonia
Denmark
Germany
Sweden
Poland
eurozone
France
Belgium
Latvia
Greece
Spain
Ireland
Lithuania
Finland
Italy
1%
16%
16%
-3%
12%
2%
9%
2%
1%
4%
-41%
-1%
-3%
-27%
-9%
-1%
-3%
8 The future of Europe
Business support for the euro remains high; 93% of businesses in the eurozone want the currency
bloc to survive, the same level as last year, and while only 75% regard their economy’s membership
of the euro as positive, only 9% want to leave.
Despite this support, the integration of
Europe’s economies has moved ahead
relatively slowly over the past 12 months.
The European Fiscal Compact, signed
in early 2012 by all members except the
Czech Republic and the UK, extended
the influence and oversight of the
European Commission into member
states’ budgets and debt levels. But
economies such as France and Spain are
set to miss budget deficit targets, drawing
rebukes from the Commission and more
fiscally prudent peers.
More recently, the second and final
stage in the creation of a banking union
was finally agreed in March. Following
the ‘first pillar’ under which the European
Central Bank (ECB) was given a wide
range of new supervisory and regulatory
powers, the second sets up an agency
with the power to shut failing eurozone
banks. However, there will be no joint
government fund to cover the costs of
any closures after Germany resisted
pressure from France and Spain to
mutualise liabilities on bank losses.
This is unsurprising given the aversion
to pooling debts of German business
leaders: just 22% support Eurobonds,
compared with 85% in Spain, 78% in
Italy and 63% in France.
A majority of eurozone business leaders
continue to support further economic
integration of member states; 62% are in
favour, although this ranges from 86%
in Spain and 83% in Finland to just 55%
in Germany, down from 76% this time
last year, a potential major stumbling
block to any further European agreements.
Indeed, the proportion of German
business leaders who do not want to see
any further European integration has
jumped from just 6% in 2012 to 17%.
There have also been steep rises in anti-
integration sentiment in Estonia and the
Netherlands (both +16%). By contrast,
just 3% of Irish business want to avoid
Integration
The future of Europe 2014
There will be no joint government
fund to cover the costs of any
closures after Germany resisted
pressure from France and Spain to
mutalise liabilities on bank losses.
Source: Grant Thornton IBR 2014
Percentage of businesses who do not want
to see further European integration
9. 64% 58%71%
79% 86% 86%
71% 78% 75%
UK57%
26%
25%
19%
17%
14%
12%
11%
11%
10%
10%
7%
4%
3%
2%
1%
1%
Netherlands
Estonia
Denmark
Germany
Sweden
Poland
eurozone
France
Belgium
Latvia
Greece
Spain
Ireland
Lithuania
Finland
Italy
Italy France eurozone Germany
1%
16%
16%
-3%
12%
2%
9%
2%
1%
4%
-41%
-1%
-3%
-27%
-9%
-1%
-3%
64% 58%71%
79% 86% 86%
71% 78% 75%
78% 63% 55%
22%
-10%-10%2%21%
UK57%
26%
25%
19%
17%
14%
12%
11%
11%
10%
10%
7%
4%
3%
2%
1%
1%
Netherlands
Estonia
Denmark
Germany
Sweden
Poland
eurozone
France
Belgium
Latvia
Greece
Spain
Ireland
Lithuania
Finland
Italy
Italy France eurozone Germany
1%
16%
16%
-3%
12%
2%
9%
2%
1%
4%
-41%
-1%
-3%
-27%
-9%
-1%
-3%
64% 58%71%
79% 86% 86%
71% 78% 75%
78% 63% 55%
22%
-10%-10%2%21%
France
2012 2013 2014
Germany
eurozone
The future of Europe 9
EU integration, down from 30% in 2012.
Outside the single currency, UK business
leaders (57%) are far less willing to
integrate compared with Denmark (19%),
Sweden (14%) - where business leaders
have become markedly more open to
integration over the past 12 months -
and Poland (12%).
The future of Europe 2014
Another impediment to further
European integration sits at the heart
of the continent itself. In 1950, French
foreign minister Robert Schumann first
proposed the European Coal and Steel
Community as a means to cementing
peace between France and Germany,
a body which would subsequently
All things considered, do you think that your country’s membership
in the Euro has been positive? (% yes)
Would you support the issuance of Eurobonds (ie bonds which are
issued by a single state but backed by all eurozone members)?
Source: Grant Thornton IBR 2014
become the EU. These two economies
drove through the adoption of the euro,
but in recent years, divergent economic
performances have led to a marked split
in support for the single currency. In 2012,
71% of French businesses agreed that euro
membership had been positive, slightly
below German peers (79%) but level
with the eurozone average. In 2013, this
dropped to 64% in France while German
sentiment improved (86%). This year,
French business attitudes have worsened
further (58%) while their German peers
remain as buoyant as 12 months ago.
Change from 2013
10. 58%
49%
42% 41% 39% 39%
35% 35%
24%
18%
13%
64%
10 The future of Europe
Expansion
The future of Europe 2014
Croatia joined as the 28th member of the EU in July 2013 and a further eight countries remain official
(or potential) candidates. However, the sovereign debt crisis has clearly had a major impact on the draw
both of Europe and the euro itself, for governments and businesses.
Businesses inside the eurozone remain
somewhat sceptical as regards admitting
more members: 39% would like to see
the single currency expand, led by the
southern European states of Italy (64%),
Greece (58%) and Spain (49%). This
is broadly the same as 2013 (38%),
although still well above 2012 levels
(31%). A further 36% of eurozone
businesses say no more countries should
enter in the near future, rising to around
50% in Germany, Finland, Ireland and the
Netherlands. Outside the euro, business
leaders in Poland (53%) and Lithuania
(46%), perhaps the two economies most
likely to adopt the euro in the near future,
are most keen that the eurozone admits
more members.
Those businesses operating in economies
which have joined the European Exchange
Rate Mechanism (ERM II) are most
enthusiastic about joining the euro: three
in five businesses in Denmark (60%) want
to join, slightly ahead of Lithuania (56%).
In Poland, almost one in two want to join
the euro (49%) but this is down from 56%
in 2013 and 64% in 2012. Businesses in
Sweden (32%) are much more positive
as regards the euro compared with 12
months previously (20%) while those
who wish to join in the UK remain
firmly in the minority (16%).
Businesses in Lithuania are most
confident about joining their Baltic
neighbours Estonia and Latvia in the
euro in the near future; 64% expect to
Percentage of businesses that would like to see the euro expand
Source: Grant Thornton IBR 2014
Italy Greece Spain Belgium France Ireland eurozone Estonia Latvia Germany Finland Netherlands
11. 62%
31%
52%
45%
41%
30%
21%
39%
21%
15%
67%
62%
31%
52%
45%
41%
30%
21%
39%
21%
71%
15%
67%
62%
31%
52%
45%
41%
30%
21%
39%
21%
71%
15%
67%
62%
31%
52%
45%
41%
30%
21%
39%
21%
71%
15%
67%
62%
31%
52%
45%
41%
30%
21%
39%
21%
71%
15%
67%
62%
31%
52%
45%
41%
30%
21%
39%
21%
71%
15%
67%
The future of Europe 11
The future of Europe 2014
join by next year. By comparison, 67%
of peers in Poland (up from 45% this time
last year) and 48% in Denmark think their
country will join in 2018 at the earliest.
Around three-quarters of UK businesses
think their country will never join.
Outside the EU, a remarkable 96%
of businesses in Norway are open to the
idea of joining the euro (although only
18% say they would definitely like to
join), as are 82% in Switzerland (but
just 4% definitely). In Turkey, 33%
say they would definitely like to join
with a further 56% saying they would
potentially like to join.
Despite the nascent regional recovery,
the sovereign debt crisis has clearly
damaged the standing of the EU in
the world: 49% of European neighbour
states in the survey say the crisis has had
a negative impact on the attractiveness of
the EU as a place to do business, rising to
52% in Switzerland and 62% in Russia.
Moreover, business leaders see declining
returns to further integration between
their country and the EU; just 41% say
this would benefit their business, down
from 51% in 2013 and 62% in 2012.
Armenia (down 22 percentage points to
39%) and Georgia (down 19 to 67%)
have seen particular falls in enthusiasm.
However, businesses in Turkey (71%)
remain eager for more cooperation.
Percentage of businesses that feel:
Would you like your country to adopt the Euro? (% yes)
Russia
Switzerland
Norway
Armenia
Turkey
Georgia
62%
28%
12%
64%n/a
59%
20%
11%
56%61%
60%
32%
16%
49%56% Denmark
Sweden Lithuania
UK
Poland
Source: Grant Thornton IBR 2014
The sovereign debt crisis has had a negative effect on the attractiveness of the EU
Further integration between their country and the EU would benefit their company
2012 2012
2012
2013 2013
2013
2014 2014
2014