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Press release - Parliament celebrates the 20th anniversary of the EU’s biggest enlargement

Retrieved on: 
Thursday, April 25, 2024
Enlargement, European Parliament, Foreign Affairs, Head, Policy, Parliament, Commission, European Commissioner, European, La Voix, Single market, EP, Georgios Iacovou, Legislation

Parliament celebrates the 20th anniversary of the EU’s biggest enlargement

Key Points: 
  • Parliament celebrates the 20th anniversary of the EU’s biggest enlargement
    On Wednesday morning, MEPs, EU and member state representatives, and young people born 20 years ago, marked the entry into the EU of ten countries in May 2004.
  • EP President Roberta Metsola, Commission President Ursula von der Leyen, former EP President Pat Cox, and former Commission President Romano Prodi participated in a formal sitting of Parliament to mark the 20th anniversary of the 2004 EU enlargement.
  • Addressing the ceremony, European Parliament President Roberta Metsola said:
    ”In these past two decades, Europe has been met with unprecedented challenges.
  • The transformative effect of EU enlargement on the lives of generations of Europeans is without any doubt.

Dominant currency pricing in international trade of services

Retrieved on: 
Thursday, April 25, 2024
SF1, Goldberg, LCP, Statistics, Research Papers in Economics, VCP, Place of birth, Postal, A.4, Journal of International Economics, Business, International, ISIC, Data collection, Heritage, Macroeconomics, Banco de Portugal, Computer, Tech, Prevalence, MCI, Agriculture, Audiovisual, European Economic Association, CNY, Journal of Monetary Economics, Pauwels, Insurance, Paper, Corsetti, Laurent, Environment, R2, Portuguese Economic Journal, Website, Table, Working paper, VB, Public opinion, World Bank, Collection, Travel, Transport, Science, PII, International economics, PDF, ECB, Foreign exchange market, Policy, Angelo Bacchetta, Social science, Labour economics, Communication, Journal, Research, Classification, A.5, Literature, DCP, European Central Bank, Mining, Export, Equation, Monetary economics, Section 5, Practice of law, Elasticity, ISO, COVID-19, BIS, Electricity, Automation, The Economic Journal, Chung, Employment, A.2, Telecommunications, International Monetary Fund, Tourism, UTC+01:00, Section 4, IUSD, Health care, F14, Database, Section 3, PCP, International finance, NIPE, Annual report, Note, Section 2, Conference, CPI, Central bank, SH42, Incidence, FE, American Economic Review, SF3, Exercise, Test, Justice, Forestry, SK22, Quarterly Journal, GDP, Central Statistics Office (India), Green, SG1, B.1, SF, Swings, Payment, IES, A.6, JPY, Colum, Bank, Reproduction, World Trade Organization, IMF, SF2, F31, Geography, Data, SF4, Cryptocurrency

Abstract

Key Points: 
    • Abstract
      We analyze, for the first time, how firms choose the currency in which they price transactions
      in international trade of services and investigate, using direct evidence, whether the US dollar
      (USD) plays a dominant role in services trade.
    • JEL: F14, F31, F41
      Keywords: dominant currency paradigm, international trade, services.
    • Related research has
      shown that the US dollar (USD) exchange rate is a major source of swings in
      global trade in goods?a ?dominant currency pricing? (DCP) phenomenon?since
      most goods traded internationally are invoiced and sticky in USD.
    • Yet it is also key to look at dominant currency pricing in international trade
      in services for several reasons.
    • First, global trade in services is big?accounting for
      about a quarter of global gross trade flows and for around 40% in terms of valueadded trade.
    • Third, and relatedly, the
      future of globalisation might be in trade in intermediate services?as progress with
      digitech lowers technological barriers to such trade across borders.
    • But perhaps the main reason is that trade in services is conceptually different
      from trade in goods.
    • Our paper is the first, to our best knowledge, that analyzes how firms choose
      the currency in which they price transactions in international trade of services and
      that examines whether dominant currency pricing differs between trade in goods
      and services using direct evidence? hitherto unavailable?on patterns of currency
      choices in international transactions in services compared to goods.
    • Work on dominant currency pricing has
      almost exclusively focused on trade in goods.
    • One reason is that data on patterns
      in invoicing currency for trade in services are ?virtually nonexistent? (Adler et al.
    • Yet it is important to look at dominant currency pricing in international trade
      in services for several reasons.
    • Using the exporter?s (or producer) currency in exports is known in the literature as producer
      currency pricing (PCP), while using the importer?s currency is known as local currency pricing (LCP)
      and using a third currency is known as vehicle currency pricing (VCP).
    • Our paper is the first, to our best knowledge, that analyzes how firms choose the
      currency in which they price transactions in international trade of services and that
      examines whether dominant currency pricing differs between international trade in
      goods and services using direct evidence ? hitherto unavailable ? on patterns of
      currency choices in international transactions in services compared to goods.
    • First,
      we rule out compositional effects, that is that differences in the use of currencies
      reflect differences in trade partners in services vs. goods trade.
    • Both in extra-EU and intra-EU trade, the EUR is the
      most widely used currency, be it on the export or import side.
    • Based
      on the framework, we stress which factors should determine currency choices in
      international trade, and to what extent one should expect differences between
      services trade and goods trade.
    • Second, it can price in the importer?s currency
      (local currency pricing, LCP).4 Third, it can use a third currency, say currency
      v (vehicle currency pricing, VCP).
    • That is,
      the currency choice problem is equivalent to determining the currency in which the
      desired price is least volatile.
    • (2022)
      provide systematic empirical evidence ? firm size and exposure to foreign currencies
      in imported inputs ? should also shape currency choices in services trade.
    • Dominant currency pricing in USD ? services vs. goods trade
      Having established that currency choice in international trade of services is an
      active firm-level decision as well as the determinants of this decision, we now

      8.

    • Services and goods exports: prevalence of different pricing strategies (percent)
      Notes: The table shows the shares (in value terms) of different pricing strategies: producer currency
      pricing (PCP), local currency pricing (LCP) and vehicle currency pricing (VCP).
    • To make comparisons with goods trade, we rely on Eurostat?s
      macro data on international trade in goods by invoivcing currency.
    • If intra-EU trade is more important in services than
      in goods trade, this could hence be an explanation for the lower prevalence of the
      USD in services trade.
    • We showed
      that while the USD is also extensively used as a vehicle currency in services trade, its
      prevalence is systematically lower than in goods trade.
    • Hence for all travel services exports
      the invoicing currency is the EUR; for travel imports it is the currency of the
      destination of travel (i.e.
    • Also for these

      ECB Working Paper Series No 2932

      33

      services it seems plausible that trade does not take place vis-?-vis all counterparts
      in each currency.

    • Figure B.2: Share of international trade in services in global GDP broken down by type (%)
      Notes: Authors? calculations using World Bank and World Trade Organization data.
    • An earlier version of this paper circulated under the title ?Currency choices and the role of the
      U.S. dollar in international services trade?.

Liquidity transformation and Eurosystem credit operations

Retrieved on: 
Thursday, April 25, 2024
Appendix, Central bank, Interaction, A.1, Research Papers in Economics, Coincidence, ACC, Style (visual arts), Policy, CQS, PDF, Next, PIGS (economics), R2, ECB, Risk, L2, ABS, Section 4, Social science, E52, JEL, Section 3, COVID-19, The Journal of Finance, Elasticity, Bias, Classification, Overalls, LTR, Credit, MFI, Literature, Creditor, Public sector, FX, UBB, Section 2, European Central Bank, EUR, C23, Pressure, LOLR, Chapter Two, Section 5, MPO, Rest, Reproduction, Website, Fahd of Saudi Arabia, RHS, Abstract, LCR, Capital Requirements Regulation 2013, National bank, Government, Interval (mathematics), Security (finance)
Key Points: 

    Is home bias biased? New evidence from the investment fund sector

    Retrieved on: 
    Thursday, April 18, 2024
    Rule of law, Journal of Accounting Research, Capital control, Domestic, CEPII, Research Papers in Economics, M. B, Regression analysis, Journal of International Economics, Foreign, Economic growth, Methodology, Row, International, Intuition, Risk, Heritage, Economic development, Goethe University Frankfurt, Overweight, Journal of Monetary Economics, Accounting research, International business, Paper, Political economy, Journal of Financial Economics, Environment, Website, United, Category, World Bank, Probability, Medical classification, Sun, Appendix, Handbook, G11, Quarterly Journal of Economics, Frankfurt, Institution, Investment, International economics, Journal of Political Economy, Corporation, G15, Logic, Dow Jones, PDF, Classification, ECB, CEIC, Károlyi, Policy, Outline, Household, Social science, JEL, Real, Bias, FDI, Journal, Research, Journal of Economic Literature, Credit, The Journal of Finance, Literature, Nationalization, European Central Bank, AA, Culture, Growth, Monetary economics, Section 5, Kho, Rule, Rogoff, Developed country, AAA, Finance, SHS, Control, Variable, Section 4, Language, Section 3, Role, Economy, Financial economics, Section 2, Freedom, Central bank, Incidence, Law, The Heritage Foundation, American Economic Review, Obstfeld, SSRN, Foreign direct investment, G23, Corruption, Quarterly Journal, Financial statement analysis, GDP, IMF Economic Review, Schumacher, University, MVI, Demirci, Dependent and independent variables, Lane, Common, Magazine, Bank, Reproduction, Security (finance)
    Key Points: 

      EQS-News: IMMOFINANZ sells office properties in Vienna

      Retrieved on: 
      Wednesday, April 10, 2024
      Environment, VIVO, ATX, Sale

      IMMOFINANZ is taking another step in optimising its portfolio by selling two office properties in Vienna.

      Key Points: 
      • IMMOFINANZ is taking another step in optimising its portfolio by selling two office properties in Vienna.
      • The properties in the 20th district of Vienna have been successfully sold to an Austrian real estate investor.
      • The two office properties in Dresdnerstraße in Vienna’s 20th district offer modern and flexible offices with approximately 13,000 sqm of usable space in the northern business district of Vienna.
      • The core business covers the management and development of properties, whereby IMMOFINANZ relies on its established real estate brands – STOP SHOP (retail), VIVO!

      EQS-News: IMMOFINANZ 2023 with strong operating performance

      Retrieved on: 
      Wednesday, April 10, 2024
      EUR, Growth, Supervisory board, AG, VIVO, ATX, CPI Property Group, S IMMO, Bank statement, Investment, LTV, FFO, NTA, Cryptocurrency

      IMMOFINANZ Group generated strong growth in rental income and operating results during the 2023 financial year.

      Key Points: 
      • IMMOFINANZ Group generated strong growth in rental income and operating results during the 2023 financial year.
      • “We achieved above-average operating results in 2023 in spite of the difficult macroeconomic environment.
      • This performance underscores the success of our strategy to invest in higher-yielding properties to strengthen our earning power“, explained Radka Doehring, Member of the Executive Board of IMMOFINANZ.
      • Revaluations (including development projects and property sales) totalled EUR -376.8 million in 2023, compared with EUR -105.7 million in the previous year.

      EQS-News: Kontron wins a EUR 34 Mio. contract for a GSM-R system in the Czech Republic

      Retrieved on: 
      Wednesday, April 10, 2024
      Transport, GSM, ETCS, GSM-R, Radio, Czech, Safety, Hranice, Human

      Kontron wins a EUR 34 Mio.

      Key Points: 
      • Kontron wins a EUR 34 Mio.
      • contract for a GSM-R system in the Czech Republic
        The issuer is solely responsible for the content of this announcement.
      • Linz, March 13, 2024 – Kontron Transportation, a company of Kontron group won the public procurement for the construction of a GSM-R (Global System for Mobile Communication-Railways) system in the Czech Republic.
      • This GSM-R system, which provides a wide range of voice and data services required for daily railway operations, is a further step towards modernising the railways in the Czech Republic.

      EQS-News: Change of management in Plant Construction at EnviTec Biogas AG

      Retrieved on: 
      Wednesday, April 10, 2024
      Automation, Advisory board, Face, CFO, Research, Welding, Head, Baltic states, Carbon, Plant, CO2, Construction management

      4 April 2024 – Stability and change have always been part of Plant Construction at Germany’s largest biogas producer EnviTec Biogas – and not just in the plant construction systems themselves but also as regards the makeup of top management in this foundational segment.

      Key Points: 
      • 4 April 2024 – Stability and change have always been part of Plant Construction at Germany’s largest biogas producer EnviTec Biogas – and not just in the plant construction systems themselves but also as regards the makeup of top management in this foundational segment.
      • Following a transitional period, the new trio becomes the management team at EnviTec Plant Construction – EnviTec Anlagenbau GmbH & Co. KG - with effect from 1 April 2024.
      • “The biogas market continues to develop apace and project volumes are increasing,” comments CTO and Plant Construction Managing Director Jürgen Tenbrink.
      • A relatively new face at EnviTec, Jakob Falkenstein joined the company a year ago as Head of Project and Construction Management.

      Cycling to the Moon and Back: Gebrüder Weiss Launches a New Competition

      Retrieved on: 
      Tuesday, March 26, 2024
      Tree, Motivation, Moon, Human, Communication, Typesetting

      Logistics leader announces ambitious goal for third annual international bicycle competition and plans to add another 7,000 trees to its corporate forest in Nicaragua

      Key Points: 
      • Lauterach, Austria--(Newsfile Corp. - March 26, 2024) - This year, Gebrüder Weiss, a leading global logistics provider, again invites cyclists to participate in the company's international cycling campaign, "GWcycles."
      • The ambitious goal of the sports competition in 2024 is cycling to the moon and back.
      • By planting these corporate forests, Gebrüder Weiss makes an important and active contribution to a climate-friendly future .
      • Cycling to the moon and back: as of March 25, 2024, Gebrüder Weiss starts a new cycling competition (Source: Gebrüder Weiss)
        To view an enhanced version of this graphic, please visit:
        Frank Haas, Head of Corporate Brand Strategy & Communications at Gebrüder Weiss (Source: Gebrüder Weiss / Gnaudschun)
        To view an enhanced version of this graphic, please visit:
        Employee Roman Bratek from Budmerice / Slovakia.

      Global Navigation Satellite System (GNSS) Based Road Pricing Market Report 2024 Featuring Axxes, Continental, Emovis, EROAD, Eurowag, ITIS, Kapsch, Telepass, Toll4Europe, and TotalEnergies - ResearchAndMarkets.com

      Retrieved on: 
      Monday, April 8, 2024
      Satellite, Technology, HU-GO, EVS, RUC, CzechToll, Research, Platon, EETS, ETC, Satellite navigation device

      How will the market for road user charging using GNSS-based systems evolve in 2024 and beyond?

      Key Points: 
      • How will the market for road user charging using GNSS-based systems evolve in 2024 and beyond?
      • GNSS-based road pricing refers to the charging of road users using global navigation satellite system (GNSS) sensors inside vehicles.
      • The road pricing umbrella term typically covers various types of schemes such as electronic toll collection (ETC) and road user charging (RUC) as well as vignettes and congestion charging.
      • The Global GNSS-Based Road Pricing Market is the foremost source of information about the market for electronic toll collection and road user charging based on global navigation satellite systems (GNSS).