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.
European Central Bank
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.
EDITOR'S PICK: - Digi Communications NV announces Investors Call for the presentation of the Q1 2024 Financial Results
- Digi Communications intends to propose to shareholders the distribution of dividends for the fiscal year 2023 at the upcoming General Meeting of Shareholders, which shall take place in June 2024
- Digi Communications N.V. announces the availability of the Romanian version of the 2023 Annual Report
- Digi Communications N.V. announces the availability of the 2023 Annual Report
- International Airlines Group adopts Airline Economics by Skailark ↗️
- BevZero Spain Enhances Sustainability Efforts with Installation of Solar Panels at Production Facility
- Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
- BevZero South Africa Achieves FSSC 22000 Food Safety Certification
- Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
- Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
- driveMybox continues its international expansion: Hungary as a new strategic location
- Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
- Digi Communications NV announces the release of the 2023 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
- Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
- Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
- Digi Communications N.V. Announces the release of the Financial Calendar for 2024
- Customer Data Platform Industry Attracts New Participants: CDP Institute Report
- eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
- BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
- Digi Communications N.V. announces share transaction made by a Non-Executive Director of the Company with class B shares
- Digi Spain Telecom, the subsidiary of Digi Communications NV in Spain, has concluded a spectrum transfer agreement for the purchase of spectrum licenses
- Эксперт по торговле акциями Сергей Левин запускает онлайн-мастер-класс по торговле сырьевыми товарами и хеджированию
- Digi Communications N.V. announces the conclusion by Company’s Portuguese subsidiary of a framework agreement for spectrum usage rights
- North Texas Couple Completes Dream Purchase of Ouray’s Iconic Beaumont Hotel
- Предприниматель и филантроп Михаил Пелег подчеркнул важность саммита ООН по Целям устойчивого развития 2023 года в Нью-Йорке
- Digi Communications NV announces the release of the Q3 2023 Financial Results
- IQ Biozoom Innovates Non-Invasive Self-Testing, Empowering People to Self-Monitor with Laboratory Precision at Home
- BevZero Introduces Energy Saving Tank Insulation System to Europe under name “BevClad”
- Motorvision Group reduces localization costs using AI dubbing thanks to partnering with Dubformer
- Digi Communications NV Announces Investors Call for the Q3 2023 Financial Results
- Jifiti Granted Electronic Money Institution (EMI) License in Europe
- Предприниматель Михаил Пелег выступил в защиту образования и грамотности на мероприятии ЮНЕСКО, посвящённом Международному дню грамотности
- VRG Components Welcomes New Austrian Independent Agent
- Digi Communications N.V. announces that Digi Spain Telecom S.L.U., its subsidiary in Spain, and abrdn plc have completed the first investment within the transaction having as subject matter the financing of the roll out of a Fibre-to-the-Home (“FTTH”) network in Andalusia, Spain
- Продюсер Михаил Пелег, как сообщается, работает над новым сериалом с участием крупной голливудской актрисы
- Double digit growth in global hospitality industry for Q4 2023
- ITC Deploys Traffic Management Solution in Peachtree Corners, Launches into United States Market
- Cyviz onthult nieuwe TEMPEST dynamische controlekamer in Benelux, Nederland
- EU-Funded CommuniCity Launches its Second Open Call
- Astrologia pode dar pistas sobre a separação de Sophie Turner e Joe Jonas
- La astrología puede señalar las razones de la separación de Sophie Turner y Joe Jonas
- Empowering Europe against infectious diseases: innovative framework to tackle climate-driven health risks
- Montachem International Enters Compostable Materials Market with Seaweed Resins Company Loliware
- Digi Communications N.V. announces that its Belgian affiliated companies are moving ahead with their operations
- Digi Communications N.V. announces the exercise of conditional share options by an executive director of the Company, for the year 2022, as approved by the Company’s Ordinary General Shareholders’ Meeting from 18 May 2021
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2022 financial year
- Digi Communications N.V. announces the availability of the 2022 Annual Report
- Digi Communications N.V. announces the general shareholders’ meeting resolutions from 18 August 2023 approving amongst others, the 2022 Annual Accounts
- Русские эмигранты усиливают призывы «Я хочу, чтобы вы жили» через искусство
- BevZero Introduces State-of-the-Art Mobile Flash Pasteurization Unit to Enhance Non-Alcoholic Beverage Stability at South Africa Facility
- Russian Emigrés Amplify Pleas of “I Want You to Live” through Art
- Digi Communications NV announces the release of H1 2023 Financial Results
- Digi Communications NV Announces Investors Call for the H1 2023 Financial Results
- Digi Communications N.V. announces the convocation of the Company’s general shareholders meeting for 18 August 2023 for the approval of, among others, the 2022 Annual Report
- “Art Is Our Weapon”: Artists in Exile Deploy Their Talents in Support of Peace, Justice for Ukraine
- Digi Communications N.V. announces the availability of the 2022 Annual Financial Report
- “AmsEindShuttle” nuevo servicio de transporte que conecta el aeropuerto de Eindhoven y Ámsterdam
- Un nuovo servizio navetta “AmsEindShuttle” collega l’aeroporto di Eindhoven ad Amsterdam
- Digi Communications N.V. announces the conclusion of an amendment agreement to the Facility Agreement dated 26 July 2021, by the Company’s Spanish subsidiary
- Digi Communications N.V. announces an amendment of the Company’s 2023 financial calendar
- iGulu F1: Brewing Evolution Unleashed
- Почему интерактивная «Карта мира» собрала ключевые антивоенные сообщества россиян по всему миру и становится для них важнейшим инструментом
- Hajj Minister meets EU ambassadors to Saudi Arabia
- Online Organizing Platform “Map of Peace” Emerges as Key Tool for Diaspora Activists
- Digi Communications N.V. announces that conditional stock options were granted to executive directors of the Company based on the general shareholders’ meeting approval from 18 May 2021
- Digi Communications N.V. announces the release of the Q1 2023 financial results
- AMBROSIA – A MULTIPLEXED PLASMO-PHOTONIC BIOSENSING PLATFORM FOR RAPID AND INTELLIGENT SEPSIS DIAGNOSIS AT THE POINT-OF-CARE
- Digi Communications NV announces Investors Call for the Q1 2023 Financial Results presentation
- Digi Communications N.V. announces the amendment of the Company’s 2023 financial calendar
- Digi Communications N.V. announces the conclusion of two Facilities Agreements by the Company’s Romanian subsidiary
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by the Company’s Romanian subsidiary
- Patients as Partners Europe Returns to London and Announces Agenda Highlights
- GRETE PROJECT RESULTS PRESENTED TO TEXTILE INDUSTRY STAKEHOLDERS AT INTERNATIONAL CELLULOSE FIBRES CONFERENCE
- Digi Communications N.V. announces Digi Spain Telecom S.L.U., its subsidiary in Spain, entered into an investment agreement with abrdn to finance the roll out of a Fibre-to-the-Home (FTTH) network in Andalusia, Spain
- XSpline SPA / University of Linz (Austria): the first patient has been enrolled in the international multicenter clinical study for the Cardiac Resynchronization Therapy DeliveRy guided by non-Invasive electrical and VEnous anatomy assessment (CRT-DRIVE)
- Franklin Junction Expands Host Kitchen® Network To Europe with Digital Food Hall Pioneer Casper
- Unihertz a dévoilé un nouveau smartphone distinctif, Luna, au MWC 2023 de Barcelone
- Unihertz Brachte ein Neues, Markantes Smartphone, Luna, auf dem MWC 2023 in Barcelona
- Digi Communications N.V. announces conditional stock options granted to a Director of the Company based on the general shareholders’ meeting approval from 28 December 2022
- Digi Communications N.V. announces the release of the 2022 Preliminary Financial Results
- CAMPAIGNS FOR HUMANITY: MARKETING AGENCY ANNOUNCES €10,000 AWARDS FOR RUSSIANS SUPPORTING UKRAINE
- One Year Since the Invasion: New Series Highlights Everyday People Transformed by War into Heroes
- Digi Communications N.V. announces Investors Call for the presentation of the 2022 Preliminary Financial Results
- BevZero Receives Top Environmental Certification
- Thompson Duke Industrial Attains CE Certification for its Cannabis Vaporizer Cartridge Filling Equipment
- Modern Media Hub Takes Huge Leap with Financing Help of Cap Expand Partners
- Digi Communications N.V. announces the release of the Financial Calendar for 2023
- Digi Communications N.V. announces the exercise of stock options by two of the Directors of the Company
- Tanduay Is First Asian Rum to Enter Austrian Market
- Digi Communications N.V. Announces the Resolutions of the General Shareholders’ Meeting from 28 December 2022, approving, amongst others, the 2021 Annual Accounts
- MIGUN LIFE's new personal healthcare products are unveiled, heralding the grand first debut at CES 2023
- Digi Communications N.V. announces that the Romanian version of the Annual Financial Report for the year ended December 31, 2021 for the Digi Communications N.V. Group is available
- Digi Communications N.V. Announces Convocation of the Company’s general shareholders meeting for 28 December 2022 for the approval of, among other items, the 2021 Annual Report
- Digi Communications N.V. Announces the availability of the Annual Financial Report for the year ended December 31, 2021 for Digi Communications N.V. Group
- Digi Communications N.V.’s Romanian subsidiary was designated winner of the auction organised for the allocation of certain radio frequency entitlements in 2600 MHz and 3400-3800 MHz bands
- Digi Communications NV announces the release of the Q3 2022 Financial Results
- Digi Communications N.V. announces a Subsequent Amendment of the Company’s 2022 financial calendar
- Digi Communications NV announces Investors Call for the Q3 2022 Financial Results presentation
- Sygnum Bank and Artemundi tokenize Warhol’s Marilyn Monroe artwork
- Your Daily Commutes Will be Seamless, Connected and Productive.
- The secondary market platform THELAPHANT.IO introduces, for the first time in Israel: "a stock liquidity plan" for high-tech employees and companies
- Teavaro and CDP Institute Offer Free Online Course on Identity Resolution
- Digi Communications N.V. announces a Subsequent Amendment of the Company’s 2022 financial calendar
- Digi Communications N.V. announces an Amendment of the Company’s 2022 financial calendar
- 12-month real-world achievements for Diabeloop’s Automated Insulin Delivery (AID):
- Digi Communications N.V. announces the availability of the Instruction regarding the Payment of Dividends for the Financial Year 2021
- Simplify Content za usluge organskog Content Marketinga otvara svoja vrata poduzećima da (zajedno) uspješno kreiraju kvalitetan i relevantan sadržaj za potencijalne i postojeće klijente
- Digi Communications N.V. announces the approval of interim dividend distribution and updates regarding the 2022 Financial Calendar
- A new, creativity-based educational method increases the ability to solve problems with young people, in the social field, or when building a team in the company
- Digi Communications NV announces the release of the H1 2022 Financial Results
- Mit Intelligenz geladen
- Digi Communications NV announces Investors Call for the H1 2022 Financial Results
- Digi Communications N.V. Announces the update of its 2022 Financial Calendar
- Digi Communications N.V. Announces the conclusion by the Company’s Spanish subsidiary of an amendment agreement to the facility agreement dated 26 July 2021
- Customer Data Platform Industry Grew Strongly in First Half of 2022: CDP Institute Report
- Metadeq Announces Breakthrough Non-Invasive Blood Test that Solves NASH Diagnosis Problem
- Η HBC Consulting Expert θεωρεί παράλογη την εμπλοκή του κυπριακού δικαστηρίου στην υπόθεση κληρονομιάς από τη χήρα του ολιγάρχη Μπόσοφ
- Esperto della società di consulenza HBC: le autorità italiane non hanno permesso a Katerina Bosov di vendere la villa del marito
- HBC Consulting Expert considers senseless the involvement of the Cypriot court in the case of inheritance by the widow of oligarch Bosov
- Fusion BPO Services is Opening New Center in Kosovo
- Hi-SIDE demonstrates an integrated high speed satellite data chain architecture at data rates exceeding 10 Gigabits per second
- Digi Communications N.V. announces that a joint venture of its subsidiary in Romania designated as one of the winners of the auction organized by the Belgian Institute for Postal Services and Telecommunications for the allocation of mobile spectrum frequency user rights
- KI-basierte Geldanlage für Privatpersonen – Velvet AutoInvest erhält 1,3 Mio. USD Seed-Investment
- Haizol Now Offer 3D Printing Services to Customers Worldwide
- Caravel Capital Fund Showcased At Secure Spectrum’s Hedge Fund Seminar
- Diabeloop, a key player in therapeutic AI applied to insulin delivery, announces 70 million euros new financing round to accelerate its international expansion
- Digi Communications NV Announces Availability of the 2021 Preliminary Annual Report (including the Company’s audited non-statutory Consolidated financial statements issued as per IFRS EU)
- Digi Communications N.V. Announces that conditional stock options were granted to executive directors of the Company and to directors and employees of the Company’s Romanian Subsidiary
- Caravel Capital Investments Inc. Founding Partner to Speak at Secure Spectrum Hedge Fund Seminar
- Digi Communications NV announces a correction of clerical errors by Amending the Q1 2022 Financial Report
- Digi Communications NV announces the release of Q1 2022 Financial Results
- Digi Communications N.V. announces Investors Call for the Q1 2022 Financial Results presentation
- 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
GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP
- 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
- Editor's pick archive....