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Things worth reading: the European View (7)

This week's view from Europe, courtesy of Edith Rigler :

Moving to e-procurement can deliver huge savings – European Commission, 20 April 2012 

The Commission estimates the total size of the EU's procurement market at more than 2 trillion euro, so each 5% saved though e-procurement could result in about 100 billion euro of annual savings. But e-procurement is still used in only 5-10% of procurement procedures carried out across the EU.  The Commission proposes to make e-procurement  the standard method of procurement in the EU by mid-2016. It will itself move towards full e-procurement by mid-2015 – one  year ahead of the deadline for Member States.

Credit squeeze in Eastern European  Handelsblatt, 21 May 2012

Eastern Europe faces a credit squeeze. Western European banks are retrenching as they face problems in their own countries. For example, going forward, Commerzbank will only focus on Poland. Credit demand is extremely low, and the problems of Greek banks with a presence in Serbia, Romania and Bulgaria cause concern. The EBRD plans to step in and provide support.

“Geuro” as parallel currency for Greece  Handelsblatt, 22 May 2012

Deutsche Bank´s chief economist Thomas Mayer has suggested that introducing a parallel currency, called Geuro, could prevent Greece´s exit from the Eurozone and make the country more competitive. Troubled Greek banks would be caught in a European “bad bank”.

“Lost generation” flees  to Germany  – Handelsblatt , 21 May 2012

Youth unemployment in Southern Europe is so high (50% of the under 25s are jobless in Greece and Spain) that there is a flight to Germany where youth unemployment is only 7.9%.  During 2011 the move of young people from Greece to Germany increased by 90%, from Spain by 52% and from Portugal by 28%.

How Jo Ackermann halved Deutsche BankHandelsblatt, 21 May 2012

As Joe Ackermann leaves Deutsche Bank at the end of May, investors wonder what his reign accomplished: all in all, losses.  During his term Deutsche shares lost more than half of their value.

German corporates remain optimistic  – Handelsblatt, 21 May 2012

The majority of corporates in Germany feel well prepared for a renewed slow-down of the global economy. About 63% expect revenue growth of at least 10% in 2012, slightly less than last year. They expect the German economy to continue to grow, albeit more slowly than in 2011.



About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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