All posts by: GeorgesUgeux

About GeorgesUgeux

The ECB Should Not Purchase Italian Nonperforming Loans

Now we know what doing “whatever it takes” to ensure the stability of the Eurozone means. That July 2015 bluff by Mario Draghi, the ECB President, is now being called. The European Central Bank is in talks with the Italian government about buying bundles of bad loans as part of its asset-purchase program and accepting them as collateral from banks in return for cash, the Italian Treasury said according to Reuters. This announcement reassured the markets if it were to be followed by action. Read more

 

Blog Article

Will Italy Prompt a Global Financial Crisis?

The current situation is definitely not pretty. In the turmoil that affects equity markets, banks seem to be taking center stage. Among them, Italian banks have become the center of attention.

 

European banks are not in good health
The recent assessment of the International Monetary Fund that European Banks have not provided for 900 billion dollars of bad loans is not particularly reassuring. As early as this week, former Governor of the Banque de France Christian Noyer was bold enough to state that “Eurozone banks are going very well. It is solid”. It is precisely that official speech that is the first source of worry. Is it denial or public relations? None of those are part of a Central Bank Governors’ job description. The reality should be sobering. In the last five days Deutsche Bank shares lost 15% of their value. Read more

 

Blog Article

Donald Trump in the Role of a Murderer

Even the traditional and brain-dead campaign of the Democrats did not pick up on Donald Trump’s statement that he “could stand in the middle of 5th Avenue and shoot somebody and not lose voters.” Yes, it is outrageous, but it is worse than that. It confirms the lawlessness of Donald Trump. He does not even consider the consequences of his statements, let alone what it reflects of his true nature. Read more

 

 

Blog Article

Historic Weekend in Tehran: Iran (Almost) Without Sanctions

I had not been in Tehran for the past 38 years, but had been a frequent visitor of the country when I was in charge of the Middle East for my bank, Societe Generale de Banque, in Belgium. As the lifting of the Western sanctions against Iran was approaching, I undertook the journey back to Tehran this weekend. I wanted to evaluate what could be done in the field of finance to facilitate the reintegration of Iran in the global world of finance. I had published a post here, in September 2015, advocating the reintegration of Iran in the world community. Read More

 

Blog Article

And the winner is …ISIS. The pathetic Republican Presidential Debate.

The presidential candidates have collectively delivered a resounding political victory to ISIS, whom each of them focused on.

Following the debate was like listening to aspiring presidents who consider that the most important issue facing the United States of America is to “beat ISIS.” They did not even realize that, by doing so, they were giving ISIS the golden keys to the kingdom: the ability to define our policies. Read More

Blog Article

Georges Ugeux: “La fi­nance prend une tout autre tour­nure dans le cadre fa­mi­lial”

Êtes-vous sou­vent sol­li­cité pour don­ner des conseils fi­nan­ciers? Com­ment ré­agis­sez-vous?

 

J’ai dé­cidé de­puis long­temps de gar­der mes amis, donc je ne prête pas d’ar­gent. Par contre, les de­mandes éma­nant du sec­teur ca­ri­ta­tif ont ten­dance à aug­men­ter. Je fais par­tie du co­mité d’in­ves­tis­se­ment d’une ins­ti­tu­tion re­li­gieuse, du co­mité de fi­nan­ce­ment de la Bel­gian Ame­ri­can Edu­ca­tion Foun­da­tion (New York). En savoir plus

French, Media, Print

Bashing Belgium is Mean… and Ill-informed

Born and raised in Belgium, I have a bias. I went to the United States in 1996 to lead the NYSE’s research and international departments and I became a U.S. citizen in 2009 after Belgium allowed dual citizenship. After the Paris attacks, an insidious attempt to blame Belgium for the attacks struck me as (at best) ill-informed. Read more

Blog Article

Could Solvency II Threaten the Financial Stability of European Insurance?

The European insurance sector has approximately 6.8 trillion euros of assets under management. It is the largest European institutional investor, a fundamental element of financial stability and provides support for the global economy. Additionally, the European insurance sector is a significant source of jobs, providing employment for more than one million people. The chart below illustrates the share of GDP represented by insurance premiums, generally defined as penetration ratios. Read more

 

Blog Article, Publications

Le chaos financier chinois représente-t-il un risque systémique?

De la fenêtre de ma chambre d’hôtel, au 61eme étage d’un des buildings de Pudong, c’est le brouillard. Cette image illustre bien la situation qui prévaut en Chine depuis le début de la semaine. Peu de visibilité et une vraie inquiétude. L’impact de la chute du marché de 30% en 3 semaines ouu se traitent des volumes record, n’est pas une question qui concerne seulement les institutions. 80% des actions chinoises sont détenues directement par les ménages. L’inverse des Etats-Unis et beaucoup plus qu’en Europe. L’employé ou le petit commerçant ont été incités par le Gouvernement chinois de mettre leurs économies en actions comme la valeur qui monte. En savoir plus

 

Blog Article, French