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Greece is the destination where comfort, style and culture are combined with sun, sea and joy to provide a true holiday experience. Greek tourism sector is investing at large in modernization, and is ready to welcome guests for the 2010 season.

Greek Tourism ready for the Summer

By: EBR | Monday, May 17, 2010

Greece is the destination where comfort, style and culture are combined with sun, sea and joy to provide a true holiday experience. Greek tourism sector is investing at large in modernization, and is ready to welcome guests for the 2010 season.

Member States would benefit from early coordination at European level as they prepare their national budgets and national reform programmes. Early guidance at the beginning of each year from the European Council on economic policies would facilitate the preparation of Stability and Convergence Programmes and National Reform Programmes.

Commission proposes reinforced economic governance in the EU

By: EC Press Room | Wednesday, May 12, 2010

The recent crises and the risk for the stability of the euro area have underlined vividly the interdependence and exposed the vulnerability of Member States, in particular inside the euro area. The European Union and Member States have taken coordinated and determined action.

The package of standby funds and loan guarantees that could be tapped by euro zone governments shut out of credit markets, plus central bank liquidity measures and bond purchases to steady markets surprised financial analysts by its sheer scale.

European banks buy bonds after $1 trillion rescue package

By: Reuters | Monday, May 10, 2010

European central banks began buying euro zone government bonds under a $1 trillion global emergency rescue package agreed on Monday, sending the euro and European stocks and bonds surging on relieved markets.

Financial markets have been pounding euro zone countries with high deficits or debts as well as low economic growth, threatening to force Portugal, Spain and Ireland into a position where, like Greece, they would need to seek financial aid.

Euro zone agrees emergency steps to contain crisis

By: EBR | Friday, May 7, 2010

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

EU Commissioner for Economic and Monetary Affairs, Olli Rehn, said:

Gradual economic recovery in progress in the EU

By: EC Press Room | Wednesday, May 5, 2010

The Commission's spring forecast confirms that the economic recovery is in progress in the EU. After having experienced the deepest recession in its history, the EU economy is set to grow by 1% in 2010 and 1¾% in 2011. This implies an upward revision of ¼ percentage point for this year.

EU transport ministers agreed on a single EU immediate response to the ash cloud crisis: a strong message given to the air transport sector.

Key outcomes of the Extraordinary Transport Council

By: EC Press Room | Wednesday, May 5, 2010

EU transport ministers were able to agree on a single EU immediate response to the ash cloud crisis: this is a strong message given to the air transport sector. They supported the Commission's approach on the need for flexibility to ease the pressure on airlines.

The skeptical Millionaires club

By: EBR | Tuesday, May 4, 2010

An exclusive club whose members must have at least $10 million in investable assets and pay $30,000 a year, TIGER 21 is a veritable beehive of skepticism about the industry that wants to get its hands on their money.

EU, IMF agree 110 billion euros bailout for Greece

By: Reuters | Sunday, May 2, 2010

European finance ministers triggered a record 110 billion euro bailout for debt-stricken Greece. Euro zone ministers, approved the three-year package of emergency loans and agreed the first funds would be released in time for Athens to make a big debt repayment to creditors on May 19

Greece is in discussions with the European Union and International Monetary Fund (IMF) on a multi-year rescue package that some officials have said could total up to 135 billion euros ($180 billion).

Greek rescue momentum builds

By: Reuters | Thursday, April 29, 2010

ECB Governing Council member Axel Weber said on Thursday the impact of any Greek debt default on other states would be "incalculable" and urged quick approval of an aid package to prevent market upheaval and contagion to other states.

OECD unemployment rate remains at a level close to post-war highs.

OECD unemployment rate broadly stable at 8.6%

By: EBR | Tuesday, April 13, 2010

The unemployment rate for the OECD area was broadly stable in February 2010 compared with January. The headline rate fell 0.1 percentage point but this reflected the partial unwinding of effects that led to a temporary increase in Korea’s January rate.

The city hosts over 4,000 congresses and conventions every year. There is a wide range of venues on offer, which include Feria de Madrid trade fair grounds (Ifema) and the future International Convention Centre to be opened by 2011.

Madrid: Discover the diversity of a modern and vibrant Metropolis

By: EBR | Wednesday, April 7, 2010

Madrid is an open-minded city where culture, entertainment and business share an attractive, thriving space. Thanks to its modern and cosmopolitan flare and to the friendly and passionate character of Madrilenians, the Spanish capital makes everyone feel right at home!

Markets would remain severely dysfunctional, and regulators would see banks as utilities, not independent agents, and accordingly attempt to limit their returns and to suppress volatility. Strict regulation would be applied not only to systemically important banks but to smaller entities as well. In this scenario, banks would face much tighter capital requirements.

What’s next for global banks

By: McKinsey Quarterly | Monday, April 5, 2010

Banking giants in emerging markets will probably do well in any likely economic scenario. Other banks face a more challenging future. In 2008, as the credit crisis broke, banks underwent near-death experiences on a massive scale. Last year, many enjoyed a recovery that was nearly as abrupt.

The sudden collapses of Bear Stearns, Lehman Brothers, and AIG demonstrated that our framework for supervision and regulation of large, highly leveraged and substantially interconnected financial firms--and the government's toolkit for managing their failure--is profoundly inadequate.

The Meaning of the Lehman Bankruptcy

By: EBR | Monday, March 22, 2010

We all know what happened after Lehman Brothers collapsed. There was a period during which the financial markets simply stopped functioning. No one had ever seen anything quite like this before.Banks and other financial institutions almost completely stopped lending to one another or to anyone else

“If it is necessary (to help Greece), and we do not believe it to be necessary, we have made a decision on the instruments

Euro Group clarifies the technical methods for helping Greece if necessary

By: EBR | Tuesday, March 16, 2010

The Ministers of Economy and Finance of the euro area countries in Brussels, clarified which mechanisms could be applied to help Greece if necessary, paving the way for the Council to make a decision.

The EU2020 strategy aims to focus Member State and Commission action on four key principles: innovation, competitiveness, protection of the environment and social cohesion.

EU Antitrust policy: the road ahead, by Joaquin Almunia

By: Joaquin Almunia, Vice-President of the European Commission responsible for Competition Policy | Monday, March 15, 2010

Competition policy is a tool that can help us overcome the crisis. In the heat of the crisis it helped minimise the distortions created by government intervention in the markets, preserved the Single Market, and averted protectionist moves at national level.

The Group expects a slight recovery of revenues for the current business year. The development of revenue in 2010 will also reflect the first full-year consolidation of the new companies. It is foreseeable that they will not yet contribute to the profitability of the Group this year.

Lufthansa Group ends crisis year 2009 with an operating profit of 130 million euros

By: EBR | Monday, March 15, 2010

Lufthansa has achieved its aim and defied a market-related revenue decline of 2.56 billion euros by posting an operating profit of 130 million euros for 2009. The Group thus earned about 1.2 billion euros less than during the previous year.

Greece welcomes Obama support on speculators

By: BBC News | Wednesday, March 10, 2010

President Barack Obama has "responded positively" to calls to clamp down on market speculators, the Greek PM said after talks in Washington. George Papandreou said the US president had shown his support for Greece, and that the issue would be on the agenda of the next G20 meeting.

In 2005, Goldman sold to the National Bank of Greece an “interest rate swap,” one of the notorious derivatives that have come under scrutiny since the Wall Street implosion of 2008. Greek critics of such dubious debt-hiding transactions had warned their government of the mounting long-term liabilities to the likes of Goldman, but to no avail.

Dateline Greece: Goldman, Just Pay Up

By: The Globalist | Wednesday, March 3, 2010

As Greece teeters on the edge of sovereign default of around $300 billion and sends shudders of premonition throughout the global economy, the fingerprints of Goldman Sachs are once again to be found, as in so many crises beforehand.

John Kent Institute heralds new era in tourism research

By: EBR | Tuesday, March 2, 2010

During a gala in London to celebrate the formal launch of the new Institute Mr Kent , the creator and CEO of youtravel.com and Aquis Hotels and Resorts, announced that applications for the first four new PhD studentships are now invited with successful candidates set to join BU from this Autumn.

Creating a working mobile-money model will be complicated. It calls for coupling physical assets and capabilities from two distinct domains, telephony and banking, as well as for partnerships with a variety of players—some unfamiliar—to manage cash collections and disbursements and promote adoption.

Capturing the promise of mobile banking in emerging markets

By: McKinsey Quarterly | Monday, March 1, 2010

In emerging markets, formal banking reaches about 37 percent of the population, compared with a 50 percent penetration rate for mobile phones. For every 10,000 people, these countries have one bank branch and one ATM—but 5,100 mobile phones.

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EU Actually

European Parliament challenges member-states with an additional budget increase of 10 percent

By: N. Peter Kramer

In his weekly column, N. Peter Kramer writes how the EP opposes Commission’s proposal to cut back on traditional programmes such as agriculture and cohesion

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The EU–India Deal Is Done. Africa Must Be Next

The EU-India FTA deal showed Brussels can move when the stakes are high; Africa is the real test of whether Europe can protect its economic security in a more fractured world.

Business

Where Romania can build excellence: the sources of future competitiveness

Romania has been, for most of its recent history, a story of potential deferred. The standard account of Romanian competitiveness, to the extent one exists in international business literature, is a cost story: cheap labor, low corporate taxes, a large domestic market for Central and Eastern European standards.