The noise about Brexit, as historically and politically significant as it could be, has, over the past three weeks, allowed Italy to hide. However, whether its is the Financial Times about Italy’s banking crisis, the New York Times, Italy’s Plan for Banks could Roil Europe or The Economist Italy’s teetering banks will be Europe’s next crisis, serious media all came within a week to remind us that the reeal risk for Europe is Italian banking. Read More
Depuis plusieurs jours, les déclarations françaises se multiplient pour « évacuer » la Grande Bretagne de l’Union Européenne de toute urgence. Quelle mouche pique donc le Gouverneur de la Banque de France, le Premier Ministre, le Ministre des Affaires Extérieures et le Ministre de l’Economie, mais aussi les commentateurs ? J’ai tenté une analyse sur base de toutes ces déclarations. Voici mon analyse qui sera largement controversée. En savoir plus
Georges Ugeux, ancien vice-président de la Bourse de New York, nous livre son opinion sur l’impact du Brexit pour la City de Londres. En savoir plus
By putting the debate on economic issues, British leaders have made the Brexit debate an economic one while it is fundamentally a political one. It is England that decided the fate of the referendum, infuriating Scotland and Norther Ireland. Read more
As we are getting closer to Donald Trump’s nomination, his outrageous behavior has accelerated. He stated that he would not change if he were elected president, insulted the media who have blindly financed him for sake of reality TV, insulted Republican parliamentarians, refused to publish his tax returns and recently defended a fake university that bears his name. He is being more outrageous every time he speaks. Read more
Journal of International Banking Law and Regulation – Building a European Capital Markets Union: The Need for Liquidity and Focus
The European Commission is building a Capital Markets Union (CMU) to counteract Europe’s over-reliance on bank funding. As the Commission’s CMU communication often refers to peripheral projects and misapprehension of Europe’s capital markets, this paper aims to contribute by highlighting the main challenges and action points for realising the CMU. Read full article
This material was first published by Thomson Reuters (Professional) UK Limited in Georges Ugeux, “Building a European Central Markets Union: The Need for Liquidity and Focus” (2016) 31 J.I.B.L.R. 314–330 and is reproduced by agreement with the Publishers.
[I wanted to answer your blog personally as you are questioning my candidacy for the Presidency of the United States of America. These are my original words, compiled to convince you of the contrary.]
A compilation of quotes from Donald. Read More
These thoughts are the reflection of a people-to-people trip to Cuba with National Geographic, a program that is fundamentally educational and a discovery.
In 2015, the 7th Americas Summit, in Panama City, included Cuba for the first time. This U.S. initiative would have happened without the U.S. if they had refused the presence of its neighboring island. It was the first meeting between Barack Obama and Raul Castro, that led to the reopening of the U.S. Embassy and the visit of the U.S. President in Havana. It was also the clearest indication that the US were the only nation not to have such relationship. 90 miles from Key West, it was time not to submit US foreign policy to the lobby of the Cuban Americans in Florida. Read more
Georges Ugeux a déjà derrière lui une longue carrière dans le monde de la finance. Il a travaillé pour la Générale de Banque, chez Morgan Stanley, à la Générale de Belgique et chez Kidder Peabody. Il fut aussi vice-président du New York Stock Exchange (NYSE), avant de fonder sa firme: Galileo Global Advisors. Auteur, blogueur, orateur, le “Belge de New York” nous livre son point de vue sur les développements récents de l’actualité. En savoir plus
C’est une première depuis 40 ans, les Etats-Unis détrônent la France à la place de premier partenaire commercial de l’Allemagne. Réaction immédiate du gouvernement français, il n’y a aucun point de bascule juste l’effet d’un euro particulièrement faible. Vu d’ailleurs, de l’Allemagne et des Etats Unis, les choses sont appréciées différemment. L’économie américaine a retrouvé une véritable vigueur qui explique cette monté en puissance au cœur même de l’Europe.
Décryptage avec Georges Ugeux, Président de Galileo Global Advisors, et ancien n° 2 de la Bourse de New York
Le duel Clinton-Trump se dessine après le Super Tuesday. Tout comme sa rivale démocrate, le candidat républicain a devancé ses adversaires lors de ce rendez-vous clé, qui va peser lourd pour la suite de la course à l’investiture.
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
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
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
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
Everyone is celebrating; it is time for family and friends, going back to sweet memories, or setting up plans for next year. For Syrians, during the last few years, things have been quite different. Actually, this time of the year is nearly the worst to go through. Read more.
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
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
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
During his 7 years of vice-presidency of the New York Stock Exchange, he brought more than 300 non-US companies, valued at $ 2.7 trillion, to the US market. Listen
Banques, banques centrales et Etat vivent aujourd’hui en circuit fermé, sans se préoccuper
de l’économie réelle. L’ancien responsable de la Bourse de New York, aujourd’hui banquier,
avertit: le politique doit urgemment mettre en place de profondes réformes,
sinon l’explosion sociale n’est pas loin. En savoir plus.
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
It is fascinating to read the (generally uninformed) comments that accompany the public debate around the approval of the Iran agreement that has been negotiated for more than two years. It is so obvious that it is better than the current situation that I find it necessary to spell out the economic case on behalf of the agreement. Read more
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