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Republic of Croatia: Selected Issues Paper
July 1, 2011--AN ASSESSMENT OF BALANCE SHEET RISKS IN CROATIA1
With large external and foreign currency indebtedness and limited reserves, Croatia’s economy is highly vulnerable to macroeconomic and financial shocks. While most of these
vulnerabilities were built up during the pre-crisis boom years, the crisis has further worsened the situation, exposing Croatian economy’s weak fundamentals and a lack of
policy space.
A sustained recovery hinges on improving competitiveness, maintaining market
confidence, and reducing vulnerabilities, which would require a multi-faceted
macroeconomic and structural policy response.
View theR epublic of Croatia: Selected Issues Paper
Source: IMF
MONETARY DEVELOPMENTS IN THE EURO AREA: MAY 2011
June 30, 2011--The annual growth rate of the broad monetary aggregate M3 increased to 2.4% in May 2011, from 2.0% in April 2011.1 The three-month average of the annual growth rates of M3 in the period from March 2011 to
May 2011 stood at 2.2%, compared with 2.1% in the period from February 2011 to April 2011.
M3 components
Regarding the main components of M3, the annual growth rate of M1 decreased to 1.2% in May 2011, from 1.6% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 3.9% in May, from 3.3% in the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 2.7% in May, from -0.8% in April. Among the deposits included in M3, the annual growth rate of deposits placed by households stood at 2.3% in May, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 3.7% in May, from 3.3% in the previous month. Finally, the annual growth rate of deposits placed by nonmonetary financial intermediaries (excluding insurance corporations and pension funds) increased to 11.2% in May, from 8.3% in the previous month.
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Source: ECB
Turkey becomes world’s fastest growing economy in Q1
June 30, 2011--Turkey's gross domestic product (GDP) clinched 11 percent growth, amounting to TL 25.90 billion, in the January-March period of this year over the same months of a year ago, making the country the world's fastest growing country during this period.
Turkey seems not to have retreated from the noteworthy growth of 8.9 percent witnessed in 2010. The better-than-expected growth figures were immediately put under the spotlight by the government. “As the global financial crisis has shaken many developed countries, Turkey managed to clinch a record-high growth figure. We have become the world's fastest growing economy,” Prime Minister Recep Tayyip Erdoğan said during a parliamentary group meeting. Foreign Trade Minister Zafer Çağlayan told the CNBC-e station when the figures were revealed that he expects the year-end growth figure will be around 7 percent.
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Source: Todays Zaman
How to Accelerate and Sustain Growth in Ukraine?
June 30, 2011--Ukraine's economy is slowly getting back on track to growth. But even as the country recovers from the beating it took in the global financial crisis, its economic foundation is fragile. Reforms are needed if Ukraine and its people are to get the most out of the global recovery in coming years.
A new World Bank report points the way forward by examining what drove growth before the financial crisis and why GDP declined so much in its wake. The Country Economic Memorandum "Strategic Choices to Accelerate and Sustain Growth in Ukraine" argues that growth between 2000 and mid 2008 was mainly driven by external factors, such as unprecedented trade gains and massive capital inflows. These are unlikely to support growth as much during the recovery. The report also pinpoints structural vulnerabilities that were ignored in boom times and that, unchanged, may hamper future growth.
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Source: World Bank
Short selling regulation must be 'centralised, better coordinated'
June 30, 2011--Securities-lending specialists believe greater regulation for short selling is necessary, while EU representatives have called for greater coordination between each member state's measures
Speaking at the ISLA conference in Portugal, Cristina Dias, financial attaché at the European Union, said rules already existed in European countries on an individual basis and that those measures would need to be coordinated to improve regulation of the securities financing market.
Source: IP&E
ESMA publishes the last annual report of CESR
June 30, 2011-- 2010 marked the last year of CESR’s existence. The Committee of European Securities Regulators has been replaced, after nine years of existence, by ESMA, the European Securities and Markets Authority.
This last annual report for CESR sets out the work done by the Committee during the year 2010.
view the CESR ANNUAL REPORT 2010
Source: ESMA
Unscheduled free float adjustment in TecDAX
Adjustment for Roth & Rau AG as of 5 July 2011
June 30, 2011--Deutsche Börse has announced an unscheduled adjustment to the free float of Roth & Rau AG in TecDAX. Due to the takeover by Meyer Burger AG, the free float of Roth & Rau AG altered by more than 10 percentage points.
According to the guideline to the equity indices the company’s free float will thus be reduced from the current 42.47 percent to 18.11 percent.
Source: Deutsche Börse
Government publishes proposals on Controlled Foreign Companies
June 30, 2011--The Government today published proposals for reforming the UK’s Controlled Foreign Company (CFC) rules, as part of its ambition to create the most competitive tax system in the G20.
This marks the next step towards introducing a modernised CFC regime in 2012 that better reflects the way that businesses operate in a globalised economy, and include the Government’s Budget 2011 commitment to introduce a partial exemption for finance companies that will normally result in a 5.75% tax charge on those overseas profits by 2014.
These proposals are designed to strike the right balance between improving the competitiveness of the UK corporate tax system and protecting the UK tax base against avoidance by:
targeting and imposing a CFC charge on artificially diverted UK profits, so that UK activity and profits are fairly taxed;
view the Consultation on Controlled Foreign Companies (CFC) reform: detailed proposals
Source: HM Treasury
Concern as Turkish growth hits 11%
June 30, 2011--Turkey has outpaced China with first-quarter annualised economic growth of 11 per cent, but its red-hot economy is proving more of a headache for policymakers than a cause of celebration.
The data, showing quarter-on-quarter growth of 1.4 per cent driven mainly by consumer spending, will fuel doubts over the central bank’s unorthodox attempts to cool the economy by limiting banks’ lending, rather than raising interest rates.
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Source: FT.com
Evercore Pan-Asset moves ahead of market to bring clarity and simplicity to ETF fund structures
June 29, 2011-Evercore Pan-Asset (EPA) announced today that they will exclude swap-based Exchange Traded Funds (EFT) from the majority of their popular PanDYNAMIC model portfolios and OEIC funds to address investor concern after further Bank of England and FSA warnings last week
Action will be taken immediately to rebalance portfolios. Only the higher risk PanDYNAMIC Aggressive model portfolio and Aggressive OEIC fund will continue to use properly-structured, well-collateralised synthetic ETFs where an asset class cannot be efficiently accessed by other means.
EPA have confidence in their carefully-researched universe of synthetic ETFs and will continue to use them for direct clients with whom a dialogue can be held about the true risks and benefits.
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Source: Evercore Pan Asset
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