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Economic And Financial Committee (European Union)
The Economic and Financial Committee (EFC) is a European Union advisory body, defined by the article 134 of the Treaty on the Functioning of the European Union. Its president is also the president of the Eurogroup Working Group, which prepares dossiers for approval by the Eurogroup, whose decisions are generally ratified by ECOFIN. History Prior the third stage of the Economic and Monetary Union (EMU) which began on 1 January 1999, the Economic and Financial Committee was preceded by the Monetary Committee, which was established by article 105 of the Treaty of Rome in 1957. In May, as part of the European Semester 2016 Spring Package, the committee was tasked with making Article 126(3) reports on Belgium, Finland and Italy's government debt. Agenda and composition of the EFC The EFC is an advisory body, set up to promote coordination of member states' policies necessary for the functioning of the internal market. The EFC: *provides opinions at the request of the Council o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tuomas Saarenheimo
Tuomas Saarenheimo (born 1964) is a Finnish civil servant, who currently serves as the President of the Eurogroup Working Group. Education and career Saarenheimo graduated from the University of Helsinki in 1989 and continued studying afterwards, receiving his doctorate in economics in 1994. He has also worked as a researcher at the university. Saarenheimo filled several positions at the Bank of Finland. His last post was as Chief Adviser and Head of the Monetary and Research Policy Department. Besides, he has served as the Executive Director for Nordic and Baltic countries at the International Monetary Fund and as National Expert at the European Commission. Saarenheimo became the Permanent Under-Secretary for International and Financial Market Affairs at the Ministry of Finance in September 2013. Because of this position, he was granted membership of the Eurogroup Working Group, an advisory body that prepares the monthly meetings of the Eurogroup. He also became a member of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council Of The European Union
The Council of the European Union, often referred to in the treaties and other official documents simply as the Council, and informally known as the Council of Ministers, is the third of the seven Institutions of the European Union (EU) as listed in the Treaty on European Union. It is one of two legislative bodies and together with the European Parliament serves to amend and approve or veto the proposals of the European Commission, which holds the right of initiative. The Council of the European Union and the European Council are the only EU institutions that are explicitly intergovernmental, that is, forums whose attendees express and represent the position of their Member State's executive, be they ambassadors, ministers or heads of state/government. The Council meets in 10 different configurations of national ministers (one per state). The precise membership of these configurations varies according to the topic under consideration; for example, when discussing agri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Caio Koch-Weser
Caio Kai Koch-Weser (born July 25, 1944 in Rolândia, Brazil) is a German economist, civil servant and business executive. He was Secretary of State in the Federal Ministry of Finance 1999–2005. Prior to becoming Secretary of State, he served in the World Bank in a number of positions for 26 years, from 1991–1999 as Vice President and from 1996–1999 as Managing Director of Operations. He is now a Vice Chairman and senior adviser with Deutsche Bank. Early life Koch-Weser was born and grew up in Brazil, since his parents and grandparents had left Germany due to the rise of Nazism. He is the grandson of liberal politician and former German Federal Minister of Justice and Vice Chancellor Erich Koch-Weser, who had a Jewish mother. Caio Koch-Weser settled in West Germany in 1961, at 17, where he took his Abitur and went on to study economics, sociology and history in Münster, Berlin and Bonn. Career in the World Bank Koch-Weser joined the World Bank in 1973. He served as P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lorenzo Bini Smaghi
Lorenzo Bini Smaghi (born 29 November 1956 in Florence) is an Italian economist and banker who served as a member of the Executive Board of the European Central Bank from 2005 to 2011. He has been Chairman of the Board of Directors of the Société Générale since 2015. Early life and education Bini Smaghi grew up in Brussels, acquiring a knowledge of foreign languages at an early age. In 1974 he graduated from the Lycée Français de Bruxelles. In 1978 he graduated in Economics from the Université catholique de Louvain (Belgium). With a scholarship from the U.S.-Italy Fulbright Commission, in 1980 he received a master's degree in Economics from the University of Southern California; and a Ph.D. from the University of Chicago in 1988. Career Career in the public sector Before joining the ECB, Bini Smaghi was Director General for International Financial Relations of the Italian Ministry of Economy and Finance. In this capacity, he also served as vice-president of the Econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean Lemierre
Jean Lemierre (born 6 June 1950) is a French former public servant who was the president of the European Bank for Reconstruction and Development from 2000 to 2008. He is now chairman of BNP Paribas. Career Public sector In 2000, Lemierre was elected as the new chief of the European Bank for Reconstruction and Development (EBRD), succeeding Horst Köhler. During his time in office, he warned Russia to stop Yukos-style expropriations from spreading. In 2004, the French government nominated Lemierre as candidate to head the International Monetary Fund (IMF); the post went to Rodrigo Rato instead. From 2005 until 2008, he served on the advisory board of the Commission on Legal Empowerment of the Poor. Private sector Following his departure from EBRD, Lemierre joined BNP Paribas as an adviser. In 2011, Lemierre (alongside Charles Dallara) was co-head of the bondholders’ committee that renegotiated €200 billion of Greek bonds with the government in a high-stakes deal that s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mario Draghi
Mario Draghi (; born 3 September 1947) is an Italian economist, academic, banker and civil servant who served as prime minister of Italy from February 2021 to October 2022. Prior to his appointment as prime minister, he served as President of the European Central Bank (ECB) between 2011 and 2019. Draghi was also Chair of the Financial Stability Board between 2009 and 2011, and Governor of the Bank of Italy between 2006 and 2011. After a lengthy career as an academic economist in Italy, Draghi worked for the World Bank in Washington, D.C., throughout the 1980s, and in 1991 returned to Rome to become Director General of the Italian Treasury. He left that role after a decade to join Goldman Sachs, where he remained until his appointment as Governor of the Bank of Italy in 2006. His tenure as Governor coincided with the 2008 Great Recession, and in the midst of this he was selected to become the first Chair of the Financial Stability Board, the global standard-setter that replaced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vittorio Grilli
Vittorio Grilli (born 19 May 1957) is an Italian economist and academic. He was Italy's minister of economy and finance from 2012 to 2013 as part of the Monti cabinet. Education Grilli was born in Milan on 19 May 1957. He graduated from Bocconi University in Milan in 1981 with a master of arts degree in economics. He received a PhD in economics from the University of Rochester in 1986. Career Grilli was assistant professor of economics at the Department of Economics of Yale University from 1986 to 1990. Then he joined the University of London's Birkbeck College as Woolwich Professor of financial economics from 1990 to 1994. He served as head of the department of economics and financial analysis and privatizations at the ministry of treasury, budget and financial programming from 1994 to 2000. Then he became managing director and head of the Italian investment banking Credit Suisse First Boston in London in 2001 and was in office until 2002. Next, he was appointed general accoun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hans Vijlbrief
Johannes Alexander "Hans" Vijlbrief (born 17 August 1963) is a Dutch civil servant, economist, and politician, who currently serves as State Secretary for the Extractive Industries. He is a member of the social-liberal party Democrats 66 (D66). Vijlbrief started his career at the Ministry of Economic Affairs, after earning his doctorate at the Vrije Universiteit Amsterdam in 1992. Subsequently, he worked at the Bureau for Economic Policy Analysis (CPB) before returning to Economic Affairs, where he filled several positions as director and director-general. Vijlbrief was appointed Treasurer-General of the Ministry of Finance in 2011, and occupied that post until he became president of the advisory body Eurogroup Working Group six and a half years later. He had been a member of that group while serving as Treasurer-General, assisting Eurogroup President Jeroen Dijsselbloem. Just after he had been re-elected at the working group, Vijlbrief was appointed State Secretary for Finan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks. The Governing Council of the European Central Bank, ECB Governing Council makes the projects for the monetary policy for the European Union with suggestions and recommendations and to the Eurozone with more direct applications of such policies, it also administers the foreign exchange reserves of EU member states in the Eurozone, engages in foreign exchange operations, and defines the intermediate monetary aims and objectives, and also the common interest rates for the EU. The Executive Board of the European Central Bank, ECB Executive Board makes policies and decisions of the Governing Council, and may give direction to the national central banks, especially when doing so for the Eurozone central ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and international security, security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmonizing the actions of nations. It is the world's largest and most familiar international organization. The UN is headquarters of the United Nations, headquartered on extraterritoriality, international territory in New York City, and has other main offices in United Nations Office at Geneva, Geneva, United Nations Office at Nairobi, Nairobi, United Nations Office at Vienna, Vienna, and Peace Palace, The Hague (home to the International Court of Justice). The UN was established after World War II with Dumbarton Oaks Conference, the aim of preventing future world wars, succeeding the League of Nations, which was characterized as ineffective. On 25 April 1945, 50 governments met in San Francisco for United Nations Conference ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
