Speech by Benoît Cœuré, Member of the Executive Board of the ECB, 3rd Pan-Asian Regulatory Summit organised by Thomson Reuters, Hong Kong
Hong Kong, 29-11-2012 — /europawire.eu/ — Ladies and Gentlemen,
It is a great pleasure to be here in Hong Kong and I would like to take the opportunity to thank Thomson Reuters for having invited me to speak at the 3rd Pan-Asian Regulatory Summit.
Today I would like to focus on three closely interrelated issues: first, I’ll discuss some key questions related to financial integration and financial stability, and second, I’ll touch upon the nexus between financial integration and financial stability on the one hand, and monetary policy on the other hand, highlighting some key challenges that the ECB faces today. I’ll conclude my talk with some general remarks on the global perspective on financial regulatory reform.
Financial stability and financial integration
Policy debates on the relationship between financial stability and financial integration have intensified in the past few years and the topic has become a high priority on the research agendas of central banks and academia. The increased attention is justified on account of recent experiences in the financial crisis which provided ample evidence of how quickly financial distress can spread from one institution to another, or from one financial system to another, in today’s globally integrated financial markets. Several jurisdictions reacted to these developments by “ring-fencing” certain institutions or business lines. At the same time, financial institutions were also keen to lower their cross-border exposures in order to reduce the riskiness of their portfolios abroad. These efforts resulted in increased market fragmentation, in particular in Europe, with adverse consequences on monetary policy and financial intermediation.
There is now a consensus that a financial system which is stable across jurisdictions can foster financial integration. As the ECB’s most recent Financial Integration in Europe report indicated, stable, highly integrated and adequately supervised markets contribute to a more efficient allocation of resources over time and across jurisdictions, allow inter-temporal smoothing of consumption and increase the supply of funds for profitable investment opportunities. Furthermore, higher levels of financial integration also enhance competition and reduce the costs of intermediation, thus contributing to more sustainable economic growth.
Naturally, the question arises whether this positive reinforcing relationship between financial stability and financial integration also works the other way around – i.e. does financial integration also enhance financial stability? My answer to this question is yes, provided that certain conditions are met. Let me elaborate.
First, we should have the appropriate policy tools to ensure that financial integration does not result in the development of opaque instruments and business activities which diminish transparency and undermine confidence in financial markets.
Second, we know that financial markets are prone to short-sightedness, herd behaviour and sudden changes in market sentiment which may be detrimental to financial integration and stability. It is therefore important that the incentives of managers and employees are aligned with the risks they are taking in order to ensure that the long-term viability of financial institutions is appropriately taken into account in business decisions.
Third, we have to prevent financial integration from leading to an excessive concentration of risks and leverage in the balance sheets of financial institutions. This may pose a risk to systemic stability.
Fourth, we should have the tools to mitigate the risks of contagion across institutions and jurisdictions and, should problems arise, we need to be in a position to be able to resolve ailing banks in a timely manner within an efficient framework of crisis management and resolution.
Finally, we have to ensure that all types of risk and all types of financial activity that may imperil financial stability and financial integration are monitored, assessed and supervised in a comprehensive way.
Overall, all the steps taken to enhance financial integration need to be complemented by efforts at international level to design and implement consistent policy measures that can help to strengthen the resilience of the global financial system and reduce global systemic risks.
In 2009, G20 leaders agreed that all systematically important financial institutions, markets and instruments should be subject to an appropriate degree of regulation and oversight. The policy agenda has made good progress and I particularly welcome the latest Financial Stability Board (FSB) report on the shadow banking industry [1].
Financial integration, financial stability and monetary policy
I would like to stress the importance of a well-integrated financial system for the effectiveness of the single monetary policy in the euro area. Financial integration is one of the key preconditions to ensure that the ECB’s monetary policy stance is appropriately reflected across the euro area countries, thereby reducing heterogeneity in the monetary policy transmission mechanism. The most immediate impact of changes in key policy rates is transmitted via money markets. Hence, to have a broadly homogeneous impact across banks and jurisdictions, fully integrated money markets would allow full access to markets and similar marginal costs for banks with similar creditworthiness.
Likewise, the integration of further wholesale funding market segments, such as markets for debt securities and securitised assets, facilitates the smooth transmission of monetary policy decisions on banks’ funding costs. Further down in the intermediation chain, the integration of banks’ wholesale funding markets significantly contributes to homogenising the pass-through of monetary policy decisions on bank lending rates.
In general, financial market integration allows the banking system and corporate debt markets to facilitate risk-sharing and efficient capital allocation across economies and, thereby, allow companies and households to reap the full benefits of freely mobile capital.
In this context, the financial crisis and the more recent sovereign debt crisis had a strong adverse impact on euro area financial markets. Increasing price and return differentials for a priori similar categories of borrowers and lenders were the result and translated into rising disparities in market conditions across euro area countries. These developments led to a fragmentation in bank funding markets and other parts of the financial markets.
Such distortions constituted specific impairments of the monetary policy transmission mechanism. Since the start of the financial crisis, the ECB has introduced an ample range of targeted standard and non-standard policy measures to address these impairments. And indeed, focusing on the last 12 months, we have observed our latest measures – the three-year Long Term Refinancing Operations (LTROs) and, most recently, the announcement of outright monetary transactions (OMTs) – as having a positive impact on banks’ funding. This is evidenced, for instance, by the decline in bank bond spreads and renewed primary issuance across jurisdictions. Replies to the Eurosystem’s Bank Lending Survey have also indicated an improvement in banks’ funding and liquidity conditions across jurisdictions for the same reasons. Let me confirm that the ECB is ready to undertake OMTs whenever a country has successfully applied for an ESM precautionary assistance programme, with IMF involvement.
The ECB can address the symptoms but not the root causes of financial market fragmentation. The cures for the disease are very well known: first, ensure the solvency of sovereigns; second, make individual banks safer and more resilient and introduce appropriate macro-prudential instruments to address systemic risk; and third, break the link between the creditworthiness of banks and sovereigns.
I will now elaborate on the second and third aspects from a central bank’s perspective. The crisis has also revealed two major lessons for our supervisory framework. The first is that macro-prudential factors should play a much larger role in the approach followed by supervisors. The second is that a common banking supervisor is essential for an efficient monetary union.
Turning to the first, and again looking back at the pre-crisis period, banking supervision was essentially “micro-based”. It mostly focused on ensuring the safety and soundness of individual institutions, while taking the rest of the financial system as a given. The implicit assumption was that stable individual institutions would automatically ensure a stable system. This micro-based supervisory approach was likely to underestimate the systemic component and was not able to internalise and target the negative externalities that could have built up as a result of increased risks for the system as a whole.
The lending booms we experienced in some euro area countries before the crisis are a good illustration of the problems arising from an excessive reliance on this micro-prudential approach. During the upswing, banks reported high levels of profitability and low levels of measured risk. Both of these factors tend to improve capital ratios, offering a reassuring picture of the solvency of individual banks from a micro-supervisory perspective. Yet historical experience shows that rapid credit growth usually comes at the cost of increasing the systemic – or tail – risks, for instance, by lowering lending standards via undiversified housing exposures or excessive reliance on short-term market funding. Again, the crisis raised awareness both of the endogenous nature of many systemic episodes of financial instability and of their negative externalities that could be of great importance in determining macroeconomic outcomes.
From a policy perspective, the new focus has led to an increased interest in the macro-prudential approach to bank regulation and supervision. In Europe, the new regulatory and supervisory infrastructure about to be adopted will provide supervisors with macro-prudential tools [2]. European economies face different economic and financial cycles and different types of systemic risk, and their financial sectors still exhibit different structural features. The ECB therefore considers it important that authorities can apply stricter macro-prudential requirements at national level [3].
This does not imply that the soundness of individual institutions should matter less. It is vital that euro area banks are adequately capitalised and self-insured against liquidity risks. The European Banking Authority’s EU Capital Exercise, completed in October 2012 [4], has prompted a capital injection of more than €200 billion in European banks. As the EBA pointed out, it is now important that banks maintain their capital levels on the path to the Basel III framework.
The other important lesson from the crisis is the fundamental inconsistency between the single monetary policy of the euro area and the national responsibilities for banking policies. A key feature of the present crisis is the increase in the correlation between the cost of funding of euro area banks and that of their respective sovereigns, particularly in some peripheral economies. Countries suffering from a loss of market confidence have become progressively more dependent on domestic sources of funding and less responsive to common monetary policy impulses. The divergence in bank funding conditions at national level, in turn, gives rise to cross-country differences in lending conditions. The retrenchment of credit supply within national borders, coupled with funding pressures, impairs the transmission of monetary policy, which in the euro area functions primarily via the banking sector.
The need to sever the negative feedback loop between banks and sovereigns by taking responsibility for the stability of the banking system at European level has become clear. Following the euro area summit of 29 June 2012, the European Commission presented a proposal to establish a single supervisory mechanism (SSM) involving the ECB, on the basis of Article 127.6 of the Treaty on the Functioning of the European Union.
The implementation of the single supervisory mechanism is key not only to enhancing financial stability but also to strengthening financial integration in Europe. Let me comment on three aspects of the SSM which are currently under discussion.
First, all banks should be covered by the SSM, so as to have a level playing field and to support further integration of the industry. Many supervisory tasks – probably most of them – should be undertaken by national supervisors; after all, most euro area governors already fulfil supervisory responsibilities. However, this should be within a centralised decision-making process and according to a single handbook.
Second, there should be a clear separation between supervisory decision-making and monetary policy. Under the European Commission proposal, a separate Supervisory Board within the ECB would take most supervisory decisions, under the ultimate authority of the ECB Governing Council.
Third, the SSM is necessary for the euro area but it may be desirable for other European countries as well. Arrangements are being worked out on the basis of Article 127.6 of the Treaty to allow them to participate and be fairly involved in the decision-making process.
I am confident that European leaders can agree in December on the final features of the SSM and confirm that it will start legally in January 2013 and operationally in 2014. Let me add a final remark. The SSM will turn the ECB into the home supervisor of all euro area banks. But there cannot be a lasting situation with one single supervisor and 17 (or more) uncoordinated resolution authorities. As Mervyn King once noted, “global banks are global in life but national in death”. European banks should be European in death. I look forward to the European Commission proposing a single resolution mechanism as soon as possible in 2013.
Global perspective on financial regulatory reform
I would like to conclude my talk with some general remarks on the global perspective on financial regulatory reform.
Concerning the global policy response to the crisis, the G20, the Financial Stability Board and the Basel Committee for Banking Supervision (BCBS) are all playing a key role in defining and prioritising the global regulatory reform agenda, coordinating the ongoing work on standard setting, and monitoring the implementation of measures that have already been agreed upon. Also, the Committee for Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) are playing a leading role in the crucial field of financial market infrastructures [5].
While the regulatory framework is currently undergoing a complete overhaul, the work is often perceived as being quite technical and difficult to follow by non-experts. This is why it is important that ongoing efforts are well understood and supported by all stakeholders, including the general public. Policy-makers should therefore clearly explain how the global regulatory reform measures are linked to the lessons drawn from the crisis and how these policy measures may promote global financial stability and, ultimately, economic growth.
These reform efforts enjoy unequivocal support in Europe. Let me briefly recall in this regard that the EU has been one of the main jurisdictions which first implemented Basel II and Basel II.5, and remains committed to promptly implementing Basel III, which I consider as a cornerstone of the G20 reform agenda. Timely and consistent implementation of the new regulatory standards as well as uniform assessment of the implementation process based on common evaluation standards around the globe are crucial for strengthening the resilience of financial systems and restoring confidence in markets. Delayed implementation of Basel II.5 and Basel III by any major jurisdiction would weaken the incentives for financial institutions to comply and also cast serious doubt on the overall reform effort.
Finally, an area where, in my view, enhanced coordination is required concerns the structural measures being proposed in different jurisdictions. Since recent initiatives in the US (Volcker rule), the UK (Vickers report) and the EU (Liikanen report, on which the European Commission will now follow up) will mainly target internationally active banks, coordination at global level in this policy area is important to ensure a level playing field and to avoid regulatory arbitrage by banks with significant cross-border activities.
Clearly, regulators, supervisors as well as financial institutions are facing several challenges in the years ahead both as regards policy design and implementation. There is a risk that weak economic growth and an increasing focus on domestic policy priorities can weaken the incentives and appetite for coordinated reform efforts. But well-integrated and well-regulated financial markets are needed more than ever for sustainable and stable growth, both at global and at regional level. But I’m confident that a successful accomplishment of the reform agenda and a consistent implementation of the policy measures will help to achieve this goal.
I thank you for your attention.
[1]Financial Stability Board: Initial Integrated Set of Recommendations to Strengthen Oversight and Regulation of Shadow Banking, 18 November 2012.
[2]Examples are the counter-cyclical buffer or the possibility for national authorities to adjust risk weights or set stricter criteria, e.g. loan-to-value ratio, for exposures secured on residential or commercial real estate.
[3]European Central Bank: Opinion on a proposal for a Directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and a proposal for a Regulation on prudential requirements for credit institutions and investment firms (CON/2012/5), 25 January 2012.
[4]European Banking Authority: Final results of the EU Capital Exercise, 3 October 2012.
[5]CPSS and IOSCO: Principles for financial market infrastructures. April 2012.
Directorate Communications
Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
Reproduction is permitted provided that the source is acknowledged.
-
Digi Communications N.V. Announces an Amendment to the Financial Calendar for 2022
- Yield Crowd Tokenizes US $50M Real Estate Portfolio on Stellar Blockchain
- Digi Communications N.V. Announces an Amendment to the Financial Calendar for 2022
- Diabeloop presents new real-life results of DBLG1® System: Confirmed improvement in Time In Range +18.4 percentage points; Reduction of time spent in hypoglycemia to only 0.9%
- How two female entrepreneurs are redefining the lake travel industry
- Vil du være med å utvikle fremtidens bærekraftige reiseliv?
- Mettiti alla prova con la terza edizione del CASSINI Hackathon per rivitalizzare il settore turistico
- Προκαλέστε τον εαυτό σας στο 3ο CASSINI Hackathon και στοχεύστε την αναζωογόνηση του τουρισμού!
- Participez au 3e Hackathon CASSINI et relevez le défi de redynamiser le tourisme!
- 3. CASSINI Hackathon zur Neubelebung des Tourismus: Stellen Sie sich der Herausforderung!
- Írd újra Európa turizmusát a 3. CASSINI Hackathonon!
- Aceita o desafio do 3º CASSINI Hackathon para revitalizar o turismo!
- Podejmij wyzwanie! Weź udział w 3. Hackathonie CASSINI i pomóż ponownie ożywić turystykę!
- Daag jezelf uit op de 3e CASSINI Hackathon en blaas toerisme nieuw leven in
- Diabeloop adapts its self-learning, personalized insulin automatization software to be used with insulin pens
- Amadeus unveils five defining trends for the US group travel and events industry in 2022
- On World Bipolar Day ALCEDIAG announces EIT Health supported EDIT-B Consortium validating innovative blood diagnostic test for bipolar disorder
- Global & Europe Mental Health Software and Devices Market to Witness a Revenue of USD 13367.12 Million by 2030 by Growing with a CAGR of 13.28% During 2021-2030; Increasing Concern for Mental Health Disorders to Drive Market Growth
- Digi Communications NV announces the release of the 2021 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the 2021 Preliminary Financial Results presentation
- At MWC in Barcelona, Amphenol will be exhibiting its wide offering for wireless service providers – including Open RAN compatible active 5G antennas
- ELIOS combined with cataract surgery delivers significant IOP reduction out to 8 years
- Tableau comparatif des pays : les caractéristiques à connaître avant de se développer à l’international
- Smart exosomes from an Australian technology leader
- Bucharest Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Transmetrics AI is Applied by DB Schenker to Improve Land Transport Network in Bulgaria
- Digi Communications N.V.: Announces repayment of an aggregate amount of approx. EUR 272 million of the Group’s financial debt
- El Liceo Europeo vence el Premio Zayed a la Sustentabilidad 2022 en Europa y Asia Central
- Framework rebrands to daappa, heralding a new phase in fintech solutions designed for private markets
- Digi Communications N.V. Announces the publishing of the Financial Calendar for 2022
- Manufacturing giant Haizol expands their offices in China
- Patients and R&D Leaders Jointly Present at EU Conference on Progress with Patient-Input to Transform Medicine Development
- Seminário Bíblico sobre “O Cumprimento da Palavra de Jesus no Mundo de Hoje”
- 'I Love fruit & veg from Europe': Weihnachten in der Schweiz ist gesund und voller Aromen
- Fidupar Now Live on Framework’s Core Solution
- Maya Miranda Ambarsari launches InterconnectDATA information platform for authentic data
- Digi Communications N.V. Announces that the offer of the Company’s Romanian subsidiary was designated winner of the auction organised for the allocation of certain radio frecquency entitlements
- New dating site aimed at people with mental health problems launches in Switzerland
- BITSCore Tests Satellite Cyber-Security and Ride-Share Algorithms on Australian Rocket
- StatusMatch.com ed Emirates collaborano per aiutare i frequenti viaggiatori italiani a tornare in volo
- StatusMatch.com and Emirates partner up to help Italian frequent flyers get back in the air
- MinDCet drivers and FTEX powertrain solutions enable EV GaN applications
- Digi Communications NV announces the release of the Q3 2021 Financial Results
- Origami and citoQualis Team up for Startups
- Digi Communications NV announces Investors Call for the Q3 Financial Results presentation
- Digi Communications N.V. announces the extraordinary general meeting’s resolution from 4 November 2021, approving the appointment of KPMG N.V. as the Company’s statutory auditor for the 2021 financial year
- Digi Communications N.V. announces The solution reached by the Bucharest Court of Appeal regarding the investigation conducted by the Romanian National Anticorruption Directorate with respect to RCS & RDS S.A., Integrasoft S.R.L. and certain of their directors
- Digi Communications N.V. Announces the results of the auction organised by the Portuguese Authority for Telecommunications
- Haizol expands its capabilities to include component assembly and product development
- EIC, the World’s Largest Multinational Innovation Program, to Invest €13.4M in Wi-Charge, a Game Changing Wireless Power Company
- European Weightlifting Federation on its way for Electoral Congress
- “Without women, We are unable to solve the world’s greatest challenges” — She Loves Tech 12 Hot Finalists ready to get their chance at the Local Pitch in South Europe!
- Significant improvement in increasing Time In Range and reducing hypoglycemia among people equipped with Diabeloop DBLG1
- Digi Communications N.V. Announces the Convocation of the Company’s Extraordinary General Meeting of Shareholders on 4 November 2021 in order to appoint KPMG N.V. as the Company’s new statutory auditor for the financial year 2021
- Unit of Measure enters partnership with Stibo Systems
- Haizol, metal manufacturing giant, launch a brand new website which is both user friendly and interactive
- Groundbreaking Immersive Experience from Samsung and Artist Michael Murphy Reveals a New Perspective for Visual Entertainment Through the Stunningly Slim Neo QLED TV
- Collaboration between Airbus and Neural Concept
- Archpriest Nikolay Balashov on Patriarch Bartholomew’s speeches in Kiev
- ABB's Peter Voser joins Xynteo's Europe Delivers partnership as it new Chairman
- Digi Communications NV announces that a new stock option programme was approved
- Leverage the benefits of digital manufacturing with Haizol
- Digi Communications NV announces the release of the H1 2021 Financial Results
- Digi Communications NV announces Investors Call on the Financial Results for H1 2021
- Rockegitarist-Sensasjon Rocky Kramer Har Fått Hovedrollen I Mutt Productions Filmen Rockin’ In Time
- Dispatch.d Offers Unique US Market Entry Services for European Impact Brands
- CSA Research’s New Localization Intelligence Analyzer, powered by LocHub, Helps Organizations Improve their Website’s Effectiveness for Global Customers
- Customer Data Platform Industry Accelerated During Pandemic: CDP Institute Report
- Digi Communications N.V. announces that two of its subsidiaries entered into two facility agreements
- Introducing Cap Expand Partners, Helping Business Leaders Break International Barriers
- Hong Kong’s Innovation and Technology Venture Fund Becomes Strategic Financial Investor of Ignatica
- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
- Donna Thomas Joins Visual Data Media Services as Senior Vice President of Sales, Americas
- Discover how business proposals almost write themselves with the use of Artificial Intelligence in a new update from Offorte.com
- Haizol, Where Buyers Meet Suppliers
- Digi Communications N.V. announces the publishing of the Financial Calendar for 2021
- Digi Communications NV announces: Final dismissal by the US Court of the claim brought by certain US citizens against all the initial defendants, including i-TV Digitális Távközlési Zrt
- Firebolt Group Joins Top 1% of Companies Recognized for Sustainability Efforts
- Electriq Global and GVG Oil Trade B.V. to partner in fuelling Passenger Canal Boats with Electriq Fuel
- Haizol Deliver Fast Lead Times & Quality Parts at speed in the lead up to Chinese New Year
- Digi Communications N.V. announces the conclusion a MVNO agreement between the Company’s Italian subsidiary (Digi Italy) and Vodafone regarding the access to Vodafone’s radio spectrum and mobile communication network and infrastructure
- Experts demand for more transparency for medical treatment of politicians
- Electriq Global will launch its Zero Emissions, Hydrogen-Rich Fuel in the Netherlands by powering passenger canal boats with an Electriq PowerPack in compliance with the Amsterdam municipality requirement that all passenger vessels will be emission-free from 2025
- Spanish team wins the Farming by Satellite Prize 2020
- Digi Communications N.V. announces the senior facility agreement concluded between Digi Group and a syndicate of banks
- Corma.de launches Social Links OSINT Academy
- Can Chinese save the world economy?
- Pleme social network has been building throughout the Pandemic
- Visual Data Media Services to Partner with Endeavour Capital for Next Phase of Growth
- Digi Communications NV announces the release of the Q3 2020 Financial Results
- Haizol Expand its Capabilities into Motorcycle Manufacturing & Custom Made Bike Parts
- Digi Communications NV announces Investors Call on the Financial Results for Q3 2020
- Dutch Police selects bodycams from Zepcam to support police officers on the street
- Palette Life Sciences expands availability of online education and resources for paediatric urologists across Europe
- Sumitomo Corporation Europe Limited and NORCE Norwegian Research Centre AS sign Memorandum of Understanding
- Syniti & SAP Expand Partnership to Increase Client Options for Moving Harmoniously to SAP S/4HANA
- China’s manufacturing industry continues to expand according to the latest Purchasing Managers’ Index figures, with Haizol at the forefront of the growth
- AutoSock sono conformi alla regolamentazione Svizzera riguardante le catene da neve
- Introverts, nerds and geeks make the best salespeople
- Digi Communications NV announces the extension of the agreement entered into between the Company’s subsidiary from Spain (Digi Spain) and Telefonica Moviles España, S.A. regarding the access to TME’s radio spectrum and mobile communication network and infrastructure
- Tiqets’ US Awakens Week Highlights Exclusive New Experiences From Newly Reopened Museums and Attractions
- Haizol Boosts Companies Operational Agility
- Eveliqure announces the initiation of a Phase 1 clinical study of its combined Shigella and ETEC vaccine candidate
- eFax führt das EMEA-Kanalprogramm ein
- eFax lance un programme de distribution dans la région EMEA
- Mono Solutions partners with Lokale Internetwerbung to launch in leadhub platform
- Syniti Launches Podcast Series to Address Growing Focus on Mergers, Acquisitions and Divestitures, featuring Leading CEOs
- Mono Solutions and Ecwid partner for the seamless delivery of websites with e-commerce for small businesses
- Galata Chemicals to produce Tin Stabilizers and Intermediates at Dahej, India
- Sintecs selected as Mentor’s value-added reseller of its HyperLynx® products in Europe focused on serving Altium Designer® users
- INFOCUS CORPORATION AND CELEXON EUROPE SIGN EXCLUSIVE EUROPEAN MASTER DISTRIBUTION AGREEMENT
- L’Awakening Week de Tiqets en France met en avant les nouvelles expériences exclusives de plus de 15 musées et attractions qui ont récemment rouvert
- Tiqets UK Awakens Celebrates Reopened Museums & Attractions and Sponsors Visits for NHS Staff
- Tiqets Awakening Weeks Brings Together 100+ Museums and Attractions to Celebrate Their Reopenings
- A Jewish-Bedouin Partnership is bringing the Negev cuisine to Europe
- Digi Communications NV announces the release of the H1 2020 Financial Results
- New Chief Financial Officers appointed at Mono Solutions & Bauer Media Group SME Services
- Digi Communications NV announces Investors Call on the Financial Results for H1 2020
- Palette Life Sciences AB and Gedeon Richter Plc. Receive National Marketing Authorization in the United Kingdom for Novel Pain Relief Product, LIDBREE™
- Palette Life Sciences launches Deflux.com/UK, an online resource for paediatric urologists, parents and caregivers in the United Kingdom
- Digi Communications N.V. announces the publishing of Independent Limited Assurance Report issued by the external auditor of the Company on 30 July 2020 regarding the information included in the current reports issued by the Company under Law 24/2017 (Article 82) and FSA Regulation no. 5/2018
- The Pavilions Hotels & Resorts Excited To Announce First Luxury Resort Brand In El Nido, Palawan Island Philippines
- New Customer Data Platform Options Emerge During Pandemic Slowdown: CDP Institute Report
- Digi Communications N.V. announces The Competition Council authorized the economic concentration accomplished by the Company’s Romanian subsidiary („RCS&RDS”) by gaining control over some of the assets held by Akta Telecom S.A., Digital Cable Systems S.A. and ATTP Telecommunications S.R.L.
- TABS Score™ Expands its European Footprint; Begins Partnership Discussions Amongst Key Players in EU Venture Ecosystem
- Mono and Brandify partner to bring appointment booking to local businesses
- Digi Communications N.V. announces ANCOM approval for RCS & RDS S.A. to continue to apply a surcharge for certain roaming services provided in the EEA for a renewed maximum period of 12 months
- DerbySoft Expands Metasearch Coverage for Hotels Around the World
- Palette Life Sciences Announces European Distribution Expansion for Deflux® and Solesta® for More Than Twenty Countries Through Five Leading Distributors and Direct Sales Effort
- Pierre Koukjian and Cedric Koukjian, Designer Duo in Collaboration with Bulgari
- Pierre Koukjian et Cédric Koukjian, Duo de designers en collaboration avec Bulgari
- Former Duff & Phelps EMEA Leader Yann Magnan joins 73 Strings as Co-founder and CEO
- Concern for the oceans drives consumers to 'vote with their forks' for sustainable seafood
- Digi Communications N.V.: Exercise of stock option by Marius Catalin Vărzaru, a Non-Executive Director and VP of the Board of Directors of the Company
- SecurLine Certified to Protect Classified Communications
- Digi Communications N.V. announces that a stock option programme was approved for employees and managers of the Romanian Subsidiary of the Company
- Digi Communications NV announces the exercise of stock options by the Executive Directors of the Company
- Matvil Corp. продолжает бороться с противозаконными действиями юридической системы Молдовы
- Digi Communications NV announces the release of the Q1 2020 Financial Results
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the general shareholders’ meeting approval from 30 April 2020
- MEDIS medical imaging systems acquires Advanced Medical Imaging Development S.r.l. (AMID) and secures further investment from Van Herk Ventures
- Digi Communications NV announces Investors Call on the Financial Results for Q1 2020
- Digi Communications N.V. announces the availability of the instructions on the 2019 share dividend payment
- Mono Solutions hires Chief Product Officer
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 27 – 30 Apr 2020
- Digi Communications N.V.: GSM resolutions from 30 Apr 2020 approving, amongst others, the 2019 Annual Accounts; availability of the adopted Annual Financial Report for the year ended Dec 31, 2019 for the Group
- RCH Embark on Lasting Partnership with Culinary Institute JRE
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 20 – 24 Apr 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 13 – 17 Apr 2020
- COVID-19: Digi Communications N.V. recommendation regarding participation of shareholders to the AGM convened for 30 April 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 6 – 10 Apr 2020
- DIGI COMMUNICATIONS N.V.: Exercise of stock option by a Non-Executive Director of the Company
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 30 Mar – 3 Apr 2020
- Chief Commercial Officer joins Mono Solutions
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 23 – 27 Mar 2020
- Digi Communications N.V. reports the admission to trading on the regulated market operated by the Irish Stock Exchange plc (trading as Euronext Dublin) of the senior secured notes issued by RCS & RDS S.A., its Romanian subsidiary
- Delft University of Technology Purchases its Second WebClip2Go Video Production System
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 16 – 20 Mar 2020
- Integrated Services Monitoring Capability Launched by Bridge Technologies
- Digi Communications N.V. announces Convocation of the Company’s general shareholders meeting for 30 April 2020 for the approval of, among others, the 2019 Annual Report and of the 2019 Financial Statements
- Digi Communications N.V. announces The Hungarian Competition Council’s decision to issue a new decision approving the Invitel transaction
- Digi Communications N.V. announces Business continuity in light of the novel coronavirus (“COVID-19”) outbreak
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 9 – 13 Mar 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in February 2020 or in other period but effective in February 2020, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 2 – 6 Mar 2020
- « La levée du pilon sur la plate-forme » peut faire la différence entre le saint et l’ordinaire
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 24 – 28 Feb 2020
- EH GROUP ENGINEERING awarded EU Horizon 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 17 – 21 Feb 2020
- Digi Communications NV announces the release of the Preliminary Financial Results for year ended 31 December 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 10 – 14 Feb 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in January 2020 or in other period but effective in January 2020, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Digi Communications NV announces Investor Call on the Preliminary Financial Results for the year ended 31 December 2019
- Consolidation Looms for Fast-Growing Customer Data Platform Industry: CDP Institute Report
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 3–7 Feb 2020
- Digi Communications N.V. hereby reports successful closing of the offering of senior secured notes by RCS & RDS S.A., its Romanian subsidiary
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 27 – 31 Jan 2020
- Digi Communications N.V.: Independent Limited Assurance Report issued by the external auditor on 30 Jan 2020 regarding the information included in the current reports under Law 24/2017 (Article 82) and FSA Regulation no. 5/2018
- Digi Communications N.V.: Rectification of the report published on 15 Jan 2020, regarding legal documents concluded by DIGI COMMUNICATIONS N.V. in other periods but effective in Dec 2019, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Digi Communications N.V. reports the upsize and successful pricing of the offering of senior secured notes by RCS & RDS S.A., its Romanian subsidiary
- RCH To Present New Smart ECR, Robust and Vintage POS Systems at EuroShop 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 20 – 24 Jan 2020
- Digi Communications N.V.: (i) launch of an offering by RCS & RDS S.A. of senior secured notes; (ii) issuance of a notice of conditional full redemption of all outstanding €550.0m 5.0% senior secured notes due 2023 issued by the Company and (iii) restatement by the Company of its unaudited interim condensed consolidated financial statements for the 9-month period ended 30 Sep 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 13 – 17 Jan 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in December 2019 or in other period but effective in December 2019, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 6 – 10 Jan 2020
- Berlin-based SuitePad named Best Places to Work in Hotel Tech 2020 category at HotelTechReport.com’s HotelTechAwards
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 30 Dec 2019 – 3 Jan 2020
- Editor's pick archive....
GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP
European Customer Data Platform Industry Grows Quickly Despite Limited Funding: CDP Institute